Canadian Mortgage Advisor
8-8 Strathearn Avenue
Greater Toronto Area , ON , L6T 4L9 Canada
1-416-930-1225

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Helping GTA Homeowners find a mortgage that is right for them
Call Us: 1-416-930-1225

What is Mortgage Default Insurance

Mortgage Loan insurance is typically required by lenders when a home buyer makes a down payment of less than 20% on the purchase price of a home. Mortgage loan insurance protects the lender against mortgage default and allows home buyers to buy homes with a minimum down payment of 5%, and get similar interest rates as putting a typical 20% down payment. To obtain mortgage loan insurance, lenders pay the insurance premium. Usually, the lender will pass this cost on to the consumer. The premium is based on a percentage of the home’s purchase price, as financed by the mortgage. The premium can be paid in a single lump sum or could be added to the consumer’s mortgage and included in the monthly payments.


Three major mortgage insurers in Canada are as follows

 

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About Us

Sudip Adhikari.
Agent License #M10001082
Broker Mortgage Diligent -
Head Office -1305 Matheson Blvd East, Mississauga, ON L4W 1R1
FSCO #10252 O.A.C , E&OE

Currently Serving


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