Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, Genworth Capital Mortgage Insurance Company (GE), and Canada Guaranty (CG). This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80% or in other words when the borrower puts less than 20% down when purchasing. The insurance premiums, ranging from .50% to 4.50%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.
What Is Mortgage Loan Insurance?
Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, Genworth Capital Mortgage Insurance Company (GE), and Canada Guaranty (CG).
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Ian Clark Mortgages
“It’s a people business in a complex industry that is consistently changing. My role is to take the stress out of homeownership and represent your best interests until you are mortgage-free.”
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East Coast Mortgage Brokers is Newfoundland and Labrador’s premier mortgage company. Founded in 2010, we work with Canada’s top lenders to ensure our clients get the best deal for their mortgage.