What is Mortgage Insurance and do you need it?

Typically, lenders require Mortgage Insurance (also known as mortgage loan insurance) for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.

Through your lender, Mortgage Insurance enables you to finance up to 100% of the purchase price of a home.

Mortgage Insurance may be a tool for you to get the loan value you require when one or more of the following scenarios fits your situation:

  • You are self-employed
  • You have saved less than a 20% down payment
  • Refinancing to pay off other high interest debt
  • You are a newcomer to Canada with permanent resident status
  • Purchasing of a property and you want to include the costs of the renovations in the mortgage
  • A purchase ro refinance of a second home

Companies Offering Mortgage Insurance

Testimonials

  Marion had helped us with a number of leases, and was always so helpful and friendly. We decided to purchase a property this year, and Marion was our first choice. She was patient, and even connected us to other real estate agents when we ventured to other parts of Ontario to look. In the end we found our perfect home, and we're so glad Marion was there to take care of all the details and provide us with the advice we needed. Thanks Keller Williams, I highly recommend Marion Goard.

Belinda , Beamsville ON

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