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#7779778 - 07/17/14 03:22 PM Mortgage Insurance v.DO I NEED IT
robbbby Offline
master electrician
Post Master Supreme


Registered: 01/23/02
Posts: 15428
Loc: Canada
So for the last 5 years I have been paying $180 per year for mortgage insurance. I was told by a couple people that I needed it and that it was the law in Ontario.

Yesterday I was talking with some friends who recently bought a new house and the topic of mortgage insurance came up and they said they opted out of it. My blood started boiling and I almost started smashing things. They said it wasn't mandatory and that they had opted out with their previous house as well.

Does anybody know the truth behind this mortgage insurance bullshit, i'm going to snap if i've paid out $900 these last 5 years for this shit that isn't even necessary, I will also probably murder the people who told me it was the law.

So how does this shit really work, I know at least one of you works in this field.

And for the record I put over 20% down when I bought the house so I beat the CMHC fees, not sure if it really matters, but I remember reading/hearing that CMHC has something to do with mortgage insurance as well.

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#7779785 - 07/17/14 03:24 PM Re: Mortgage Insurance v.DO I NEED IT [Re: robbbby]
Euphoricuck Offline
Post Master Supreme


Registered: 11/05/03
Posts: 92703
Loc: Canadistan
get ready to smash shit

cmhc is mortgage insurance. such home owner
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#7779786 - 07/17/14 03:25 PM Re: Mortgage Insurance v.DO I NEED IT [Re: robbbby]
Choco 'Nuck Offline
Proud Member of BLM
Post Master Supreme


Registered: 07/10/01
Posts: 17568
Loc: Somewhere out there
Its not mandatory, just smart. I opted out of paying the bank for mortgage insurance, and just got term life.

CMHC is mandatory if you have less than 20%, but ballers like you need not worry about that \:D

How are those revels that you don't have time to listen to doing? \:D

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#7779794 - 07/17/14 03:27 PM Re: Mortgage Insurance v.DO I NEED IT [Re: Choco 'Nuck]
titty sprinkles Offline
Post Master Supreme


Registered: 08/22/05
Posts: 17160
Loc: Toronto,Ontario
yea fuck that. I just got term life like the brack guyyyy.
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#7779799 - 07/17/14 03:29 PM Re: Mortgage Insurance v.DO I NEED IT [Re: titty sprinkles]
TheRealCSnapper Moderator Offline
Post Master Supreme


Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
it's not mandatory.

the mortgage insurance that you've been buying is no differnt from the insurance your credit card companies offer you with.

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#7779818 - 07/17/14 03:39 PM Re: Mortgage Insurance v.DO I NEED IT [Re: TheRealCSnapper]
robbbby Offline
master electrician
Post Master Supreme


Registered: 01/23/02
Posts: 15428
Loc: Canada
Now i'm fucking pissed, people are such fucking scum bags.
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#7779819 - 07/17/14 03:40 PM Re: Mortgage Insurance v.DO I NEED IT [Re: robbbby]
Euphoricuck Offline
Post Master Supreme


Registered: 11/05/03
Posts: 92703
Loc: Canadistan
at the end of the day $900 over 5 years isnt even a drop in the bucket for you. ballllllin.gif

but I know, its the principle of the matter.
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#7779820 - 07/17/14 03:40 PM Re: Mortgage Insurance v.DO I NEED IT [Re: robbbby]
TheRealCSnapper Moderator Offline
Post Master Supreme


Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
i'm sure you've spent $900 on stupidier shit over the course of 5 years.

chill, you'll live longer

just be glad it wasn't 180/month that they fucked you out of.

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#7779896 - 07/17/14 04:19 PM Re: Mortgage Insurance v.DO I NEED IT [Re: TheRealCSnapper]
Choco 'Nuck Offline
Proud Member of BLM
Post Master Supreme


Registered: 07/10/01
Posts: 17568
Loc: Somewhere out there
You mean like speakers he doesn't listen to?



/asshole \:D

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#7779898 - 07/17/14 04:20 PM Re: Mortgage Insurance v.DO I NEED IT [Re: robbbby]
hyper-s2k Offline
Post Master Supreme


Registered: 12/01/05
Posts: 14556
Loc: T dot O dot, Canada
 Originally Posted By: robbbby
Now i'm fucking pissed, people are such fucking scum bags.
so who were the "couple people" that misinformed you?

i'd start w/ bitching them out first.

sounds like your friends would be more of a trustworthy source.
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#7779924 - 07/17/14 04:38 PM Re: Mortgage Insurance v.DO I NEED IT [Re: hyper-s2k]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
mortgage insurance


Sorry OP, i'd be livid, but it's your own fault for not doing some research. This is 100% a c2k thing, his buddy told him so, or whatever other hearsay the guy passes around, like sealing your driveway ruins the asphalt, must've been the same couple.

Regardless, $900 isn't the end of the world.

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#7779936 - 07/17/14 04:47 PM Re: Mortgage Insurance v.DO I NEED IT [Re: Risky Business]
c2k Moderator Offline
Post Master Supreme


Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
 Originally Posted By: Risky Business
mortgage insurance


Sorry OP, i'd be livid, but it's your own fault for not doing some research. This is 100% a c2k thing, his buddy told him so, or whatever other hearsay the guy passes around, like sealing your driveway ruins the asphalt, must've been the same couple.

Regardless, $900 isn't the end of the world.




you're gonna piss off phoenix rage

I dont have mortgage insurance either.
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#7780196 - 07/17/14 08:23 PM Re: Mortgage Insurance v.DO I NEED IT [Re: c2k]
Denis Si Offline
Post Master


Registered: 04/11/01
Posts: 2798
Loc: T.O.
Hahaha when we bought our house, bitch at the bank tried to sell it hardcore. Fuck you. I'm paying home insurance so in case shit hits the fan you take my house lol. F that
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