 What
is Mortgage Insurance?
Mortgage Insurance
is an insurance which protects the lenders in case there is a default in
mortgage from the mortgagor. In Canada, the lenders are willing to make
mortgage loans with downpayment smaller than 20% or in other words, one
has to get mortgage insurance if one is taking a loan of greater than 80%
of the property value.
In Canada there
are three main companies offering this kind of insurance:
They all have almost
similar products and also offer unique products for the self-employed. |
