Home owners, What Insurances you ha(d)ve on your Home purchase
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Posted on: 31-01-07 12:46:50
Quote:
Originally posted by JRF
Pramod,
Many thanks for extending your help.
I've figured out the Insurance part for now and I've posted it in http://www.canadiandesi.com/read.php?TID=13684 .
I've sent you a PM related to Financials.
Regards,
JRF.
Quote:
Originally posted by Pramod Chopra
JRF,
As you must have found out on my website that If you are putting 25% down payment then you do not need the Mortgage Default Insurance.
However, you still need the 'Fire Insurance' and it is mandatory as the lender would like to protect his investment against fire and would put this as a condition of mortgage.
Mortgage Life Insurance and Mortgage Protection Payment Insurance are NOT MANDATORY but can be very helpful in protecting your investment in your house in untoward incidents.
I would strongly advise every home buyer to have at least some kind of insurance on one's life and as this is a very important matter one should take time to sit with one's financial/insurance planner to understand every product available in the market, flexibility of the products and one's needs and financial situation. It is the job of the financial planner/insurance planner to explore his/her client's financial needs and then customize product as per client's requirements.
If you need any help in this or any other financial matter, you can PM me.
Good Luck.
Hi JRF,
I have not received any PM from you.
Can you please send it again? Or, better still you can send it to my personal email address which you can find by clicking the link to my website.
Thanks
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Pramod,
Its my bad, the PM I sent actually failed. I will email you soon.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:
Originally posted by JRF
Pramod,
Its my bad, the PM I sent actually failed. I will email you soon.
All good answers just one minor but IMPORTANT addition, please please take title insurance .. thought not mandatory it goes a long way ...
Quote:
Originally posted by vasuroh
Quote:
Originally posted by JRF
Pramod,
Its my bad, the PM I sent actually failed. I will email you soon.
All good answers just one minor but IMPORTANT addition, please please take title insurance .. thought not mandatory it goes a long way ...
I agree Vasuroh. Most lawyers would highly suggest this as well. It definitely does add piece of mind for a few hundred dollars.
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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK
From one another thread, I found this information about what you should expect from Lawyers.
1. Title (deed) to your property (which itself is a proof that the property has been transferred in your name.
2. Mortgage papers from your bank (if you borrowed any money) with the terms of the agreement
3. Copy of the survey of your property. Keep this safe as you will need it whenever you ever sell your home
4. Title insurance certificate and details (if you opted for it)
5. Statement of account on how the money will be/has been distributed
6. Lawyers professional fee statement.
Title insurance appears optional, I would just add "Highly recommended".
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
After my research, I am finally settling down to take a 20 year life Insurance worth of 350K to cover the financial burden (esp., Mortgage) in case of a mishap. This has a premium of approx $35 / month.
Do I need to buy the Life Insurance for both of us which would cost me $35 + $35 = $70/month ?
I was / am under impression that I could just buy a Life Insurance Policy on my name that should help my wife financially in case of my illness! Not the other way though. Point to note, All house documents have both of our names and I strongly believe my Life Insurance does not have any direct dependencies with the Mortgage.
Please share your thoughts and experience ?
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:
Originally posted by JRF
Pramod,
Its my bad, the PM I sent actually failed. I will email you soon.
Hi JRF,
Still have not received your email.
From your other post, it seems that you are taking a 20 year term policy on your life only. If that's the case, it would mean that if God forbid some thing happens to you down the road (and this some thing is not ill ness) then your family would not have to lose the house and may also get some money as the mortgage would have been paid down significantly. However, you have not taken any insurance on your spouse's life, which I believe is equally, if not more important for the kids, yourself and your family.
It's ultimately your call.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
