Rupinder Rai

Mortgage Insurance

Mortgage insurance
Contact Rupinder Rai to process mortgage insurance without any hassle. She offers her services to clients in and around Brampton.
Quick turnaround
Rupinder Rai has a track record of getting quick approvals for mortgage insurance policies
Importance of mortgage insurance
It stabilizes the housing market and ensures that the lender gets a complete mortgage amount if the borrower is not able to pay off.
Flexible plans
All mortgage insurance plans can be customized to your requirements.
Affordable prices
All insurance services are reasonably priced.

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    What should you know about mortgage insurance Brampton?

    Mortgage insurance Brampton is an ideal option to safeguard you from penalty mortgage premium payments in-case if you are facing any financial problems and could pay the sum amount for some time. Generally, you apply for a mortgage loan when you need funds for buying a property or something important. In mortgages, you offer to keep your property as collateral and in-turn receive the loan amount. You pay it back with a monthly premium on interest. Mortgage insurance ensures that your monthly premiums are still deposited to the lenders account in-case you can’t pay it. It generally costs between 2.80%- 4.00% of the total mortgage cost.

    There are two types of mortgage insurance available in the market, these are

    • Personal mortgage insurance, where you are the policy owner and you can name a beneficiary. You get coverage guarantee with this type of mortgage and you can change the plan whenever you want to.
    • Bank mortgage insurance which is more popular. Here the lender is the beneficiary and the bank takes ownership of the policy. The coverage decreases as time passes and once the mortgage ends so does the insurance. There’s a lower risk of plan repayment and if the insured dies before the mortgage is paid off, the bank will pay the balance amount. To find out more, you can get in touch with Rupinder Rai.

    Why should you opt for mortgage insurance in Brampton?

    In the present real estate market, mortgage insurance Brampton can protect you and your family from a financial crisis. It also ensures that the lender receives the mortgage amount in full if the borrower is not able to pay off. Applying for mortgage insurance when you are buying a property it can lower your premium interest rate as well as it gives the lender confidence on repayment. Other benefits include:

    • There are many payment options to choose from
    • If the insures passes away, the insurance company will pay the mortgage amount
    • You can choose to a low down payment amount when you are purchasing a property

    When is mortgage insurance mandatory?

    Recently the Canadian government has made it mandatory that anyone paying less than 20% down payment for a new property will have to apply for mortgage insurance. The down payment can be anywhere between 5%-20%. If your property cost is in-between $500,000 – $999,999 then the minimum down payment should be 5% of the first $500,000 and 10% on the rest of the amount. Also, mortgage insurance is not available for properties that cost more than $1mn.

    Mortgage Insurance

    Well, you have come to the right place. Our professional Insurance broker Rupinder Rai can help you with a complete mortgage insurance plan which can help you repay your mortgage loan without any hassle. We serve customers in Ontario and the surrounding areas.
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