Mortgage Insurance. Who has it?

I normally opt out of any kind of unnecessary insurance (extended warranties etc....) but i've been seeing alot of mortgage insurance mail lately and was wondering about it. Does anyone here have it or have any stories pro or con?

 

You don't have any choice here in Canada and as a result the premiums are pretty small and are simply incorporated by the bank into your mortgage, overall a good idea.

 

do you mean PMI? like what the loan company makes you pay if you dont have enough of a down payment?

or buying your own mortgage insurance?
my parents bought mortgage insurance for their house and my dad hurt his back real bad, he ended up out of work for a few years, then went back, then back to disability, the mortgage insurance paid their loan for them while he was out of work. so in that example it was a great idea.

 

i believe that insurance your talking about is different than the mortgage insurance i am require to have. Not sure if its maryland law but if you put down less than 20% you gotta have pmi insurance

 

If you're talking about the insurance most lenders require you to have if you can't make 20% down, then there is really not benefit to it. If you can make the 20% down, I would do it and avoid mortgage insurance. It's expensive and there's no return on investment. You're basically paying for insurance policy to protect the lender in the event you default on the loan.

 

i'm not talking about PMI, which is what you have to have if you have less than 20% down. I'm talking about just regular mortgage insurance, where if you are unemployed or hurt they pay your mortgage.