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08-15-2009, 08:50 AM
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My mortgage lender in Ontario quoted me a monthly...
...payment that included property tax payment. Is this normal? I am getting a loan to buy a house. Now, I can quite comfortably pay property taxes upfront. Is there any benefit to having the bank roll it into my mortgage? Also, the insurance that the lender wants to sell me to add on to the mortgage seems like a scam (the one that pays off the mortgage in case of death of any of the buyers)- Apparently it is illegal in most provinces in Canada- Should I just get life insurance seperately
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08-15-2009, 09:31 AM
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Not familiar with Canadian laws but in the US most people pay their taxes monthly along with their mortgage - strictly convenience- no financial advantage either way. When you sell you will get any excess escrow payments fully refunded.As far as the mortgage insurance goes, it is a type of very expensive term insurance. You would be better off with almost anything else - normal term or whole life.
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