Benefits of Buying Residential Mortgage Insurance

Many New Zealanders cannot get mortgages without first purchasing mortgage insurance. It gives both the borrower and the lender peace of mind and financial security in the event that the borrower is unable to make loan payments due to, say, unemployment or disability. Mortgage insurance is not required by law, but forgoing it could reduce your borrowing power or increase your interest rate. A borrower's capacity to repay a loan could be jeopardized by a number of factors, including age and health, and the cost of this insurance would vary depending on these factors. Any prospective New Zealand homeowner who values financial stability above all else would do well to investigate the availability of mortgage insurance.

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