SAY "NO" TO BANK MORTGAGE INSURANCE
Mortgage Insurance – YOU HAVE THE CHOICE!
By law, the Banks cannot insist that you purchase or maintain their mortgage insurance. If you already have their coverage, it can be cancelled at your option at any time. Don’t worry, “cancellation WILL NOT adversely affect the other financial terms of your mortgage. Consider replacing Bank Mortgage Insurance with a “First Rate” Mortgage Protection Plan.
| QUESTIONS |
TYPICAL BANK MORTGAGE INSURANCE |
FIRST RATE MORTGAGE PROTECTION |
1. Are rates competitive? |
NO |
YES |
| 2. Is the coverage reducing? |
YES |
NO |
| 3. Is insurance portable to new home at original rates? |
NO |
YES |
4. On refinance, is coverage lost?
|
YES |
NO |
5. Is Provincial Sales Tax payable?
|
YES |
NO |
6. Must proceeds be used to pay-off mortgage?
|
YES |
NO |
7. With joint plan, can the survivor continue coverage? |
NO |
YES |
8. With joint coverage, at which age is cost calculated?
|
Older age |
Average age |
9. With joint coverage, is death benefit double?
|
NO |
YES |
| 10. Do Non-Smokers receive a discount? |
NO |
YES |
