 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 companies offering this kind of insurance:
They
all have almost similar products and also offer unique products for self
employed people.
|
