BUY MY FIRST HOME CONTACT A MORTGAGE BROKER APPLY  FOR A MORTGAGE
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Mortgage Default Insurance

Mortgage Default Insurance otherwise known as Mortgage Loan Insurance or High Ratio Insurance is provided by three insurers in Canada, Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada, and Canada Guaranty. Mortgage Default Insurance protects the lender if the borrower defaults on their mortgage payments. Generally if a borrower has less than a 20% down payment the borrow will be required to pay the insurance premium. The premium can be either paid up front or added to the mortgage. There are some circumstances where the borrower may have to pay the premium with a down payment of more than 20%. The premium is calculated at the time of the mortgage application and is based on the length of the amortization and the down payment amount and type. Mortgage Default Insurance protects the lender and is not refundable if a mortgage is paid out sooner however you may be able to port it to your next mortgage.  If a mortgage is insured then the final say in the mortgage approval is determined by the guidelines set by the Mortgage Default Insurer.
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BUY MY FIRST HOME CONTACT A MORTGAGE BROKER APPLY  FOR A MORTGAGE
I WOULD LIKE TO:
LEARN ABOUT INTEREST RATES REFINANCE MY MORTGAGE Apply Tweet Me

Mortgage Default Insurance

Mortgage Default Insurance otherwise known as Mortgage Loan Insurance or High Ratio Insurance is provided by three insurers in Canada, Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada, and Canada Guaranty. Mortgage Default Insurance protects the lender if the borrower defaults on their mortgage payments. Generally if a borrower has less than a 20% down payment the borrow will be required to pay the insurance premium. The premium can be either paid up front or added to the mortgage. There are some circumstances where the borrower may have to pay the premium with a down payment of more than 20%. The premium is calculated at the time of the mortgage application and is based on the length of the amortization and the down payment amount and type. Mortgage Default Insurance protects the lender and is not refundable if a mortgage is paid out sooner however you may be able to port it to your next mortgage.  If a mortgage is insured then the final say in the mortgage approval is determined by the guidelines set by the Mortgage Default Insurer.
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