The Benefits of Mortgage Insurance in Abbotsford

Categories: Mortgage Insurance

The benefits of mortgage insurance can help first-time homebuyers in Abbotsford get the home of their dreams. At Mountainview Insurance, we understand how stressful buying your first home can be. That is why we offer a wide range of insurance products, including mortgage insurance, to help make the home buying process a much more enjoyable one.

Find out if you need unoccupied house insurance.

Mortgage Insurance Benefits

Mortgage insurance differs from home insurance because it is designed to protect the lender in the event that the homeowner is unable to pay their monthly bills; however, mortgage insurance also offers many benefits to homeowners. Some of the benefits of mortgage insurance for Abbotsford homeowners include:

1. Get a Better Interest Rate with Mortgage Insurance

Since mortgage insurance provides protection to lenders, having mortgage insurance allows Abbotsford lenders to offer first-time homebuyers the same interest rates that are available to homebuyers who are able to put down larger down payments. This works to consolidate the cost of the home for the buyer, allowing them to purchase a better property for a better monthly fee.

2. Have Access to More Down Payment Options

Mortgage insurance allows first-time buyers and others with limited resources enter the housing market with a smaller down payment. Buyers can purchase mortgage insurance through the CMHC, which will allow them to enter the market and only have to pay 5% down on their new property.

3. Mortgage Insurance Can Be Transferred

One of the main benefits of mortgage insurance is that it can easily be transferred from one property to another. This means that homeowners who are looking to more to another Abbotsford property can save their premium over time and transfer their insurance to the new property. Doing so will help maintain the payment record and potentially help limit future purchase costs.

Find out what kind of insurance landlords need.

4. Qualify for Better Financing

Mortgage insurance is a great option for people who are self-employed or rely on commission because it allows them to qualify for a mortgage that they may otherwise be rejected from. Having mortgage insurance means that people who have good credit, but might not meet the conventional lending criteria, can qualify for the financing they need to purchase a home.

5. Get Help When You Need It Most

Since mortgage insurance works by providing consistent payments to lenders, Abbotsford homeowners who lose their income for a short period of time, due to job loss, serious illness, or a marriage breakup, will be protected from losing their home. This means having less stress and more help during times of financial hardship.

If you would like to learn more about the benefits of mortgage insurance in Abbotsford, or if you are interested in one of our insurance products, please contact Mountainview Insurance at 604-557-0255 or by requesting a quote on our website. Mountainview Insurance is proud to provide high-quality insurance products to clients throughout Abbotsford and the surrounding areas.

Get the coverage you need right over the phone

We’re ready to understand your insurance needs and to work for you to get the coverage you need.