Category

Home Ownership

Category

If you have (or have ever had) a mortgage, you’ll know that the bank will often push mortgage insurance on you when you’re signing on the dotted line. Now to be clear, this is the additional insurance your bank will offer you when you get a mortgage and not the CMHC insurance that is required when your down payment is less than 20%. Sometimes the bank will even go so far as to assume you’ll get the coverage and you’ll actually have to opt-out. They’ll throw out some small premium amount that will just get tacked into your mortgage payment, and you’ll think sure, sounds great…but does it. Ok, I already spoiled this with the post title…but no, it shouldn’t sound so great. Now don’t get me wrong, insurance is necessary, especially when it comes to covering your debt but there is a better way of doing it. Let’s first…