Hence - and another benefit to the borrower: a mortgage would cost for a cheaper. In particular, the reduced amount of the first mandatory contribution. In practice, the conclusion of the mortgage with mortgage insurance allows you to set the level of the initial contribution of 10%. In addition, can be reduced and the rate on the loan. In general we can say that for the cost of the insured borrower loan will be substantially less.
Who should think about mortgage insurance? First of all those for whom the mortgage is high risk. This young family, budget, and those who buy their first home and has at its disposal other real estate. Insurance can provide the additional protection, and also offers mortgage lending, not waiting to Skopje significant amount as a down payment.Therefore, despite the fact that this type of insurance, as opposed to property insurance is not required in obtaining a mortgage, how to use it is worth considering.
But you should know that this type of insurance has certain limitations. It can be applied only to the property on which the registered ownership. This category includes housing, purchased on the secondary market, and the new buildings at the stage when the apartment is already incorporated into property. Insured can only housing that is acquired for a living, and not for investment. This need not be the only accommodation with, for example, registration in privatized apartment owned by his parents, a young family can count on the insurance of the apartment, which she takes on the mortgage for you. (article-insurance)