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What is Mortgage Insurance and will I have to pay it?
 April 24 2015     Posted by

Whenever the mortgage amount exceeds 80% of the purchase price or appraised value, whichever is the lower, the lender is required to insure the mortgage against default, by law - and guess who gets to pay for it?? There are three mortgage default insurers in Canada at the present time: Canada Mortgage and Housing Corporation (a Crown Corp.), Genworth Financial Canada, and A.I.G United Guaranty. Fees range from 0.5% to 3.35% and are usually added to the mortgage balance.  

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