Protect Your Investment Find Mortgage Insurance in Oakville
Protect yourself, your family, and your dream home with personalized and flexible Mortgage Insurance in Oakville. Underwritten by the Canada Life Assurance Company.
Why Get Mortgage Insurance?
You need to make sure that in case something happens, the house stays with your family. That’s where mortgage insurance comes into play. If something bad happens (an accident, an illness, death), your family might receive a lump sum amount of money from a traditional term policy. But allocating it in the right way might become overwhelming for them.
With mortgage insurance, they won’t have to do anything. There will be no guesswork involved. The money will go directly to the lender, and your home and family will be safe.
Finding the Right Mortgage Insurance in Oakville
Underwritten by the Canada Life Assurance Company, Canada’s leading provider of mortgage insurance, iProtect mortgage insurance products are distinguished by several key features that are not always available to discerning homebuyers, with coverage flexibility that suits your needs now, and in the future.
Quick Approval For Mortgage Insurance
I'm Patrick Romann and I'm a recognized source for helping my clients get the mortgage insurance that best suits their specific set of family circumstances.
In most cases, after you answer a few simple questions, your coverage is approved, automatically.
How Does Mortgage Insurance Work?
So, what is mortgage insurance, and how does it work? It depends on various factors like the type of policy and its individual terms. To put it simply, mortgage insurance comes into play when the borrower cannot pay the balance of the mortgage back. Mortgage insurance covers the amount that hasn’t been paid to the lender yet.
As the borrower, you’ll need to pay the insurance premiums.
How Much Does Mortgage Insurance Cost?
You can use an online calculator to calculate your mortgage insurance premium cost. It could either be an upfront payment, a monthly payment, or a combination of both. When it comes to the mortgage insurance costs, these costs vary with the mortgage program you avail. But generally, this cost falls between 0.5% and 1.5% of the mortgage amount per year.
Mortgage Insurance That Moves with You
This is by far the best thing for you when you partner with Patrick Romann for your new home. We ensure that your mortgage insurance is portable. If you want a new property in the future, you can easily transfer the terms to that property. You can also save your premium when you move.
Other Mortgage Insurance Benefits
Pre-Closing Coverage
Full Coverage can be in effect prior to your mortgage closes. You’re still covered with free accidental death benefits until your mortgage closes.
Lump Sum Reduction
If you make a lump sum payment on your mortgage, You can have your mortgage insurance recalculated and reduce your premiums.
Mortgage Critical Illness Protection
In the event of a heart attack, stroke, or other critical illness, your mortgage is paid off leaving family a living benefit
Why Work with Patrick Romann
Frequently Asked Questions
Although mortgage insurance is essential for the lender, it also speeds up the process for you and makes things much easier.
Mortgage Insurance Premium (MIP) is supposed to be paid by the borrower.
Yes, you can. There are options for both monthly and yearly payments for Mortgage Insurance Premium.
Your PMI falls off automatically once the mortgage reaches its 78% LTV (Loan-to-Value) ratio.
No, it’s not mandatory. Your mortgage is insured only when there are any risks involved or you are making a lower down payment.
Mortgage insurance vs. Life insurance
Are you confused about the difference between mortgage insurance and life insurance? Don’t be. Here’s what you need to know.
A life insurance policy pays your beneficiaries – not the mortgage lender. They can choose to pay whoever they want.
A mortgage insurance policy pays the lender directly. It takes all the guesswork out of the payment. It ensures that your home is safe as well as your family.
Get in Touch
Not all mortgage insurance is created equal. there is a myriad of options available out there. Contact me, and I'll walk you through your options.