Mortgage insurance protects the lenders in case there is a default in mortgage from the mortgagor. In Canada, lenders are willing to make mortgage loans with down payments less than 20% . Purchasers must get mortgage insurance if one is taking a loan of greater than 80% of the property value. The insurance premium is added to the mortgage.
In Canada there are three companies offering this kind of insurance:
They all have almost similar products and also offer unique products for self employed people. To find out more about mortgage insurance and whether it is necessary for you, contact us.