Whether it's your first time buying or you are an experienced homeowner, mortgage insurance is an essential factor. There are two main forms of mortgage insurance available in Canada: mortgage default insurance and mortgage protection insurance. The biggest between the two is that the former protects mortgage lenders, and the latter protects borrowers. Keep reading to learn more about each type of insurance, the additional costs they may bring to your homebuying experience, and how to avoid mortgage mistakes.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
Mortgage Default Insurance
Lenders Mortgage Insurance (LMI), also known as mortgage
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