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What is Mortgage Insurance in Canada?

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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?

Answers

By Canadalend

 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.
 
4 comments
Level 4 (XP: 1250)
11 months ago
Contact the Canadalend team today to learn more about the options available to you
Level 4 (XP: 1250)
last year
Thank you for your comments
Level 4 (XP: 1150)
I would get mortgage insurance just to be safe, that's just me. you never know what could happen.
Level 9 (XP: 3600)
last year
Is mortgage insurance necessary? When will there be a time when it comes in necessary to have mortgage insurance?

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