Hey,
So I am a first time home buyer, I am single with no dependents currently. I have parents who would sell the house in case I am dead. I have a decent credit score with no existing loans. I have a short-term job, which I think is reliable. But evidently, we can never expect what will happen in the current scenario.
I was planning to buy a house next month or so. With the low mortgage rates, there won't be a better time to do so. But I presume I would require some kind of insurance to cover the mortgage like a mortgage life insurance. Because the world today is essentially a minefield, for who would have expected a pandemic such as this to destroy countless lives. But my parents don't think I would need a mortgage cover at the moment as I have no dependents and they won't keep the house if I die.
So should I be buying a mortgage insurance cover? Is that going to cost me more, is it an additional expense? I wouldn't mind having one if it won't cost me extra.
What are your thoughts on this?
Thanks!
So I am a first time home buyer, I am single with no dependents currently. I have parents who would sell the house in case I am dead. I have a decent credit score with no existing loans. I have a short-term job, which I think is reliable. But evidently, we can never expect what will happen in the current scenario.
I was planning to buy a house next month or so. With the low mortgage rates, there won't be a better time to do so. But I presume I would require some kind of insurance to cover the mortgage like a mortgage life insurance. Because the world today is essentially a minefield, for who would have expected a pandemic such as this to destroy countless lives. But my parents don't think I would need a mortgage cover at the moment as I have no dependents and they won't keep the house if I die.
So should I be buying a mortgage insurance cover? Is that going to cost me more, is it an additional expense? I wouldn't mind having one if it won't cost me extra.
What are your thoughts on this?
Thanks!
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