Not all mortgage insurance plans are created equal! Some plans only protect the mortgage provider. Others give you protection as well. This second kind can only be purchased through an insurance broker. He (or she) will find a plan that works best for you, allowing you to choose your coverage. This puts you in control. You do not need to purchase your insurance at the bank and you can cancel at any time. Do not leave yourself at the mercy of the banks.
There is good reason to use an insurance broker instead of going through a lending institution. A broker is on your team, working for you, not the bank. He (or she) asks you what you are looking for and the shops around to find the closest match. Compare this to what a banker does. Bankers are salespeople, paid to sell you their company’s product. They have sales targets to meet and a boss to please. Brokers offer more selection and have better motivation to put your needs first.
Effective March 15, 2023