Questions and Answers about Mortgage Financing
Financing does not have to feel like a maze of technical terms. At FINOVA, we believe clarity is the first step towards a smart decision. Explore our Practical Guides and FAQ centre to understand the financial language and every step of the process — without fine print and without complications.
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Which insurance policies are mandatory in a mortgage loan?
In mortgage credit, there is no legal obligation to take out life insurance. However, most lenders require it as collateral for loan risk. If required, the customer may freely choose the insurer. Institutions must inform the customer in advance about this requirement and clearly present all related conditions, including fees and expenses. In addition to life insurance, lenders commonly require multi-risk property insurance with fire coverage.
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