 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. |
