What is Mortgage Insurance?
Mortgage Insurance is an insurance which protects the lenders in case there is a default in mortgage from the mortgagor. In Canada, the lenders are willing to make mortgage loans with downpayment smaller than 20% or in other words, one has to get mortgage insurance if one is taking a loan of greater than 80% of the property value.
In Canada there are three main companies offering this kind of insurance:
They all have almost similar products and also offer unique products for the self-employed.
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