wyly Posted December 8, 2011 Report Posted December 8, 2011 theres often clerical errors that result in your non-coverage. The CBC did a good documentary on this a while back. yup...I had a previous mortgage on a different home and fire insurance was a mandatory requirement, when I went to renew the mortgage I discovered the bank had neglected to include it!...I could have lost everything in fire!... Quote “Conservatives are not necessarily stupid, but most stupid people are conservatives.”- John Stuart Mill
guyser Posted December 8, 2011 Report Posted December 8, 2011 yup...I had a previous mortgage on a different home and fire insurance was a mandatory requirement, when I went to renew the mortgage I discovered the bank had neglected to include it!...I could have lost everything in fire!... Yikes! Something does not compute! Your mortgage payemtn and placement of Fire insurance was done thru the bank? why? why? why? ...wouod you entrust them to get insurance on your home? A bank is no place to go for insurance no matter how good the rates look. Not to mention it is 'tied selling' and is illegal . Although bank owned insurance is different than getting the local mgr of the branch to arrange it CLARIFICATION**** CMHC mortgage insurance is not the same as regular mortgage insurance, nor similar to Life ins. CMHC payment made be triggered by other means than you dropping dead. It merely insures that the loan is govt backed. Mortgage insurance and life insurance are triggered via a death of the policyholder. Sorry if I have confused anyone.(Even I get that way sometimes!) Quote
guyser Posted December 8, 2011 Report Posted December 8, 2011 I sleep with one eye open... She doesnt answwer to 'Loreena' does she ? Quote
wyly Posted December 8, 2011 Report Posted December 8, 2011 Yikes! Something does not compute! Your mortgage payemtn and placement of Fire insurance was done thru the bank? why? why? why? ...wouod you entrust them to get insurance on your home? A bank is no place to go for insurance no matter how good the rates look. Not to mention it is 'tied selling' and is illegal . Although bank owned insurance is different than getting the local mgr of the branch to arrange it CLARIFICATION**** CMHC mortgage insurance is not the same as regular mortgage insurance, nor similar to Life ins. CMHC payment made be triggered by other means than you dropping dead. It merely insures that the loan is govt backed. Mortgage insurance and life insurance are triggered via a death of the policyholder. Sorry if I have confused anyone.(Even I get that way sometimes!) well I for one appreciate the info, I've no issues admitting things like this are not my strong suit... Quote “Conservatives are not necessarily stupid, but most stupid people are conservatives.”- John Stuart Mill
fellowtraveller Posted December 8, 2011 Report Posted December 8, 2011 I came in with nothing and I am going to go out owing millions. That is the spirit. I hope you had a hell of a good time in the middle. Quote The government should do something.
fellowtraveller Posted December 8, 2011 Report Posted December 8, 2011 Afaik, and according to the cmhc website, You have to get mortgage insurance if you put down less than 20%. there are two kinds of insurance here: CMHC insures the portion of your loan between 80% and 95% and charges a big fat premium for doing it. This is inescapable for many homebuyers, but without it the vast majority of homeowners would still be renters. It is an example of social engineering that has benfitted millions while costing taxpayers others nothing really.. The payments are built into the total loan amount, so you pay big gobs of interest on the premium too.The other kind is the one under discussion, life nsurance on the whole laon, so if you aor your spouse croaks the mnortgage is paid off. The kind the banks offer is a ripoff, much cheaper just to buy a regular life insurance policy and do it that way. Quote The government should do something.
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