Solution for the need to compare several quotes at once to their current lender’s rate
InfoPrime has introduced their new mortgage insurance calculator. People have moved away from collective or group mortgage insurance towards personal mortgage life insurance in Canada, the company observes.
This has been a solution for the need to compare several quotes at once to their current lender’s rate. InfoPrime’s calculator does this in less than 90 seconds, the company claims.
The main difference between collective mortgage insurance and personal mortgage insurance is that collective mortgage insurance policies are held in the name of the lending institution.
Personal mortgage insurance policies are in the mortgage holder’s name. The policy is analysed by a licensed broker upfront, and any disclosures are presented before the policy is finalised.
Till now, mortgage insurance quotes in Canada simply quoted a figure with other comparative bids. Now, the rates of personal mortgage insurance brokers are compared side-by-side to the collective or group insurance rates of banks and lending institutions.
Mortgage life insurance differs from the mortgage insurance policies held by Canada Housing and Mortgage Association (CMHC) or Genworth. Mortgage life insurance offers the borrower protection in case of disability or death. If there is a death, the policy covers the remaining mortgage. In the case of disability, the mortgage is paid on a monthly basis, the company said.