What is Mortgage Insurance in Canada?
I am new to the home buying process and would like to know what mortgage insurance is and if it is something that I really need.
Will it make a difference if I opt out of getting it or is it mandatory?
Thank you for your inquiry!
Mortgage insurance in Canada is an insurance policy that reimburses lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance is mandatory yes, all home buyers are required to purchase default insurance.
More detailed information about the following topics can also be found on our website:
Please feel free to contact one of our knowledgeable agents to discuss your mortgage insurance options, or if you have any other mortgage related questions.