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Originally Posted by baddog
Homeowners insurance and mortgage insurance are not the same thing.
Yes, it the place burned down there is insurance to replace it, but mortgage insurance is there in case one of the people that makes the payments dies, then the payments are taken care of.
Two different things. The bank doesn't make you get mortgage insurance because if you don't make the payments, they simply foreclose.
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No baddog, I understood what you were talking about. I edited my post to include that we didn't 'oblige' them but sure as hell pushed it. We'd figure the cost into the monthly mortgage payment and give them all the worse case scenarios to make sure they saw the benefit of it rightaway.
The homeowners' insurance had to be taken care of by the time the documents were signed at the notary.
The life insurance was taken care of when applying for the mortgage loan - it even had an effect on the credit score given by the bank on how 'good of a client you were' since banks & Insurance companies (at the time that I was working there, were merging in Canada) & it basically became product tag-ons. *but with serious value to the client*