Kelly Bailey

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What is Mortgage Insurance and do you need it?

Typically, lenders require Mortgage Insurance (also known as mortgage loan insurance) for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.

Through your lender, Mortgage Insurance enables you to finance up to 100% of the purchase price of a home.

Mortgage Insurance may be a tool for you to get the loan value you require when one or more of the following scenarios fits your situation:

  • You are self-employed
  • You have saved less than a 20% down payment
  • Refinancing to pay off other high interest debt
  • You are a newcomer to Canada with permanent resident status
  • Purchasing of a property and you want to include the costs of the renovations in the mortgage
  • A purchase ro refinance of a second home

Companies Offering Mortgage Insurance

Contact Kelly Bailey

Let Me Help You Achieve Your Real Estate Dreams... I Can Help!


Kelly Bailey
Sales Representative

RE/MAX Garden City Realty Inc., Brokerage
64 Main Street West,
Grimsby, ON L3M 1R6

Areas I cover: Burlington, Hamilton, Waterdown. In addition I can find properties in other surrounding areas that you may be interested in. For areas further out I can refer to local RE/MAX agents to assist in your search.

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