First mortgages are obtained out when a home is first purchased, while second mortgages are taken out some time later, when the equity in the house has increased. Therefore, the purpose of the second mortgage is not to finance the purchase of the home.
mortgage life insurance
When you start shopping for and applying for a mortgage, you will find that you will also be inundated with offers on mortgage life and disability insurance. Do not be tricked into thinking that you have to get your mortgage insurance with the company that is handling your mortgage. (Unless you are talking about purchase mortgage insurance, which is a completely different of wax.)
Term Life Insurance Alberta:Your Mortgage Life Insurance Savings List
When you start shopping for and applying for a home loan, you will find that you will also be inundated with offers on mortgage life and disability insurance. Remember that you do not have to subscribe to the mortgage insurance your bank has on offer (An exception is purchase mortgage insurance, the kind the lender insists you to take out to protect them when you have a low down payment.)