Q. What is mortgage loan insurance?
A. Mortgage loan insurance is insurance provided by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada or Canada Guaranty. This insurance is required by law to insure lenders against default on mortgages with a loan-to-value ratio greater than 80%. The insurance premiums are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.
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