
Why should you choose a second mortgage in 2023?
In the current economic environment of low-interest rates, a second mortgage may seem like a great option for those looking to access equity and use
For most people, their home is their single most valuable possession and their biggest investment. Homeowners’ insurance protects your investment as well as your family and your household possessions.
This insurance is separate from CMHC/Genworth insurance, also known as mortgage default insurance. CMHC/Genworth insurance protects the lender from default on mortgage payments.
Home owner insurance is quite different. If you suddenly lose your home due to fire or natural disaster, or the contents are damaged or stolen, you probably couldn’t afford to replace everything all at once. If you are sued because of injury or damage caused by you on your property, the cost of defending that suit could run into thousands of dollars in legal fees regardless of the outcome of the suit. For this reason, you must have home owner insurance.
Almost all insurance companies offer some form of home owner insurance. If you purchase your home insurance from the same provider as your vehicle insurance you will likely qualify for a multiple policy discount of 15-25%.
In the current economic environment of low-interest rates, a second mortgage may seem like a great option for those looking to access equity and use
What to do if your appraisal comes in lower than the purchase price Some borrowers are facing financial ruin because their bank appraisals are coming