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JOELLEN WRIGHT

Sales Representative
2016-2018 President's Gold Award
Mobile:(519) 878-3337

London North

1673 Richmond Street,
London ON
N6G2N3
CA

Home Owners Insurance
When you purchase a home, consider how you will protect your investment.  Most mortgage lenders insist on fire insurance coverage at least equal to the loan amount or the building value, whichever is less.  You may also consider a homeowner's policy that combines fire insurance on the building and its contents with personal liability coverage. Consult your general insurance agent or broker for professional advice on home insurance.

Mortgage Insurance
When lenders refer to mortgage insurance, they're referring to insurance that covers the principal amount of the Mortgage in the event of non payment by the borrower and this insurance is usually provided by CMHC or GE. In the event of non payment by the borrower the insurer will pay the lender the principal amount still left owing on the default mortgage.

This mortgage premium is usually added to the mortgage and paid by the borrower over the life of the mortgage. However you do have an option to pay the premium up front.

High Ratio Insurance Premiums Calculated on Principal Amount of Mortgage

*100% Financing = 2.9% Premium
*95% Financing = 2.75% Premium
*90% Financing = 2% Premium
*85% Financing = 1.75% Premium
*80% Financing = 1% Premium

Note the13% HST in Ontario may apply on the above noted premiums and must be paid on closing

Mortgage Life Insurance(MLI)
This insurance is usually offered through your lender and is a way of reducing term insurance and is available to all borrowers. In the event of a death of the home owner (borrower) or one of the owners, the insurance pays the balance owing on the mortgage. The intent is to protect survivors from losing their home. For just pennies a day, you will have peace of mind knowing your beneficiaries will be mortgage free. MLI premiums are based on two factors: your age and mortgage amount. Your premium is added to your mortgage payment so there's no extra paperwork, and it remains the same until your mortgage is paid off. Joint coverage for spouses is also available.

Disability Insurance
Disability Insurance is important if your mortgage payments depend entirely or in part on your income. Disability insurance provides replacement income if an accident or illness prevents you from working.

Job Loss Mortgage Insurance
Recently insurance companies have started to offer Job Loss Mortgage Insurance. This insurance covers the mortgage payments in the event that you involuntarily lose your job.

All information is deemed reliable but is not guaranteed accurate by LSTAR. (ie. The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) program of the London and St. Thomas Association of REALTORS®. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.)

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.


Royal LePage Triland Realty, Real Estate Brokerage
1673 Richmond Street
London ON  N6G2N3
(519) 661-0380
Real Estate License # 2455579