Sherrett Insurance Agency Ltd.
Estate Planning, Corporate Benefits, Investments, Insurance, Retirement Planning
Quick Links
- Protect you and your family. Ask about life insurance.
- Buying a home? Own a home? Ask about mortgage insurance.
- Planning for retirement? Ask about RRSPs.
- Company need stability? Ask about securing funding.
- Company growing? Ask about employee benefit plans.
- Want long-term prosperity? Ask about succession planning.
- Access medical claim forms and renewal forms.
- Book a meeting.
Mortgage Insurance
There are two types of mortgage insurance - mortgage loan insurance and mortgage life insurance.
Mortgage loan insurance is usually required when homebuyers make a down payment of less than 20% of the home's price. Mortgage loan insurance enables you to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment. It also protects lenders against mortgage default.
To obtain mortgage loan insurance, lenders pay an insurance premium that is typically passed to you. The premium is based on a percentage of your home’s purchase price that is financed by the mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments. Call us for more information.
Mortgage life insurance guarantees that your remaining mortgage at the time of your death will not be a burden to your estate. If you die, the mortgage life insurance policy will pay the outstanding mortgage.