What is Mortgage Insurance in Canada?

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?


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.
Level 6 (XP: 2400)
5 years ago
Contact the Canadalend team today to learn more about the options available to you
Level 6 (XP: 2400)
5 years ago
Thank you for your comments
Level 4 (XP: 1150)
5 years ago
I would get mortgage insurance just to be safe, that's just me. you never know what could happen.
Level 9 (XP: 3600)
6 years ago
Is mortgage insurance necessary? When will there be a time when it comes in necessary to have mortgage insurance?


4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!