Mortgage Insurance

Mortgage default insurance is a premium added onto mortgages if the buyer puts down less than 20% downpayment. In exchange for the premium, the bank is now covered if you ever default on your mortgage payments. Adding the mortgage insurance makes it a safer way for the bank to lend you money and you usually can get the cheapest rate because of it. The most common mortgage default insurance providers are, CMHC, Genworth and Canada Guaranty. Give us a call if you would like to learn how this is calculated.