InfoPrime Calculates Rates in 90 Seconds with Unique Mortgage Insurance Calculator
Vaudreuil-Dorian, QC June 2009 (WebWire)--InfoPrime recently announced their new mortgage insurance calculator. People have moved away from collective or group mortgage insurance and toward personal mortgage life insurance in Canada. Experts say this has been an answer to the need to compare several quotes at once to their current lender’s rate. InfoPrime’s calculator does this in less than 90 seconds.
The main difference between collective mortgage insurance and personal mortgage insurance is that collective mortgage insurance policies are held in the name of the lending institution. Policy eligibility isn’t examined until a claim in the case of death or disability is made.
Personal mortgage insurance policies are in the mortgage holder’s name. The policy is analyzed by a licensed broker upfront and any disclosures are presented before the policy is finalized.
Until now, mortgage insurance quotes in Canada simply quoted a figure with other comparative bids. For the first time, the rates of personal mortgage insurance brokers are compared side-by-side to the collective or group insurance rates of banks and lending institutions.
On February 6, 2008 CBS Marketplace aired “In Denial.” The main purpose of the report was to show the common mistakes consumers make when they purchase collective mortgage insurance in Canada.
Erica Johnson reported, “The bank staffers selling mortgage insurance are unlicensed and rarely trained to explain the details and legalities of those insurance products. The result is people who pay premiums and think they are covered, only to realize later that they are not.”
Mortgage life insurance differs from the mortgage insurance policies held by Canada Housing and Mortgage Association (CMHC) or Genworth. These organizations resemble Fannie Mae, which is a government-backed organization. These private mortgage insurance policies protect the bank or lending institution--not the borrower.
Mortgage life insurance offers the borrower protection in case of disability or death. If there is a death, the policy covers the remaining mortgage. In the case of disability, the mortgage is paid on a monthly basis.
Due to the technology of InfoPrime’s new calculator, 79.5% of consumers are able to save an average of 44.5 percent by switching over to personal mortgage life insurance from collective mortgage insurance. In some cases, the savings are as much as 70 percent.
InfoPrime’s President Marc André Trottier acquired over 25 years experience as an insurance broker. Today, he offers the average consumer education and technology that position the terms of mortgage insurance in the consumer’s favor with a thorough quote using an online mortgage insurance calculator.
To test the new features of InfoPrime’s online calculator go to http://www.infoprimes.com/mortgage-insurance.
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- Gregory van Duyse
- Vice President Marketing
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