What First-Time Home Buyers Should Consider

Mortgage insurance and home insurance serve different purposes. Home insurance protects homeowners from financial loss due to damage or destruction, while mortgage insurance safeguards lenders if borrowers default on payments. In Canada, mortgage insurance is required for down payments under 20%. Home insurance is also essential, especially for mortgaged homes. Buying your first home can evoke a mix of emotions, but thorough preparation can lead to confidence and excitement in the home search process.