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

  On behalf of Jennifer and I, we would like to thank you for all of the hard work you put into finding us our first home together. It is very reassuring to find someone who really takes the time to make sure that every little thing is done right. Jennifer and I spent months looking for a place to live. We both had very specific requests which didn't always make it easy for you.

By taking the time to ask us the right questions you were able to find our dream house. I must say that you went above and beyond taking a large amount of your time showing us different properties. As I'm sure that you would agree, I am very particular and I like to see every house that is out there before I make a decision. I have worked with REALTORS in the past that were only concerned about "closing the deal" and earning their commission. I never got that feeling from you. I always believed that you had our best interests at heart. I would not hesitate to call you in the future if we are looking for a larger property or investment property. Your knowledge of the Hamilton-Burlington market is quite extensive.

Jen and I are extremely happy and would recommend your services to anyone interested in purchasing a home or investment property.

Adam Berti, Hamilton, ON

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