Mortgage Insurance

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

Canada Mortgage and Housing Corporation - www.cmhc.ca

Mortgage Insurance offered by Canada Mortgage and Housing CorporationCanada Mortgage and Housing Corporation - As Canada’s national housing agency, CMHC is uniquely positioned to offer you a range of financing options to ensure you have access to a wide choice of quality, affordable housing.

Testimonials

  Marion had completed a number of sales in our community -- and she had worked very hard to have a professional and supportive presence there. When we first contacted Marion, we were a long time away from wanting to/being able to take action. She worked with us throughout this period and provided very helpful market research. along with specific information about prospective properties for us once we were ready to sell. The production of sales material on our home was creative and impressive. She was able to capture its special features, and showcased beautifully the expansiveness of the property. We enjoyed working with Marion. She was patient and supportive and understood that the second half of our initiative (the purchase) was just as important as the first. Thank you, Marion.

Carol Kalbfleisch, Burlington

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