Will a mortgage be in your hands soon? It’s time to get mortgage insurance
In a moment your dream comes true, you reached the last line in the process of obtaining the mortgage, and then you discovered that there is still one corner left to close: receiving the most significant loan in your life is contingent on taking out mortgage insurance by the bank .
A mortgage insurance policy includes mortgage life insurance, designed to protect family members in the event of the death of one or more of the borrowers. The insurance ensures that the family of the deceased will not be required to bear the burden of the mortgage repayments that have not yet been paid, and the insurance company is the one that will be responsible for paying the remaining amount.
The amount of the mortgage insurance is determined according to its data – the mortgage total, the mortgage track and its repayment period. The amount is mortgaged to the bank lending the mortgage.
A mortgage insurance policy can include, in addition to life insurance, mortgage structure insurance to cover events in which physical damage occurs to a house that is mortgaged to the bank.