 What
is Mortgage Insurance?
Mortgage
Insurance is 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%, so it is necessary
to get mortgage insurance if one is taking a loan of greater than
80% of the property value.
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. |
