Kelly Bailey

"One happy client at a time" RE/MAX Real Estate Centre logo

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 The Kelly Bailey Team

Let Us Help You Achieve Your Real Estate Dreams... We Can Help!


Kelly Bailey
Sales Representative

Scott Bailey
Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage
720 Guelph Line,
Burlington, ON L7R 4E2

Areas we cover: Burlington, Hamilton, Waterdown, as well, we can find properties in other surrounding areas, a client maybe interested in; plus areas further out, we can refer RE/MAX agents to assist in your search.

© 2019 Kelly Bailey | Privacy Policy | Terms of Use | Contact | Site Map