7. Can i repay my personal almost every other finance before applying to possess a mortgage?
Insurance: To draw down their mortgage, very loan providers will demand you to definitely keeps financial security insurance coverage and you will homeowners insurance set up. Financial coverage try a type of term life insurance that can shell out from the a fantastic balance on the mortgage if you pass away, if you’re homeowners insurance will financially safeguards you should your residence and you can content material feel damaged.
