Mortgage Insurance Services and Rates in Canada
When it comes to buying a home, many Canadians turn to mortgage insurance to protect their investment and provide financial security. Mortgage insurance is a type of coverage that safeguards lenders in case borrowers default on their mortgage payments. In Canada, mortgage insurance is commonly provided by two main entities: the Canada Mortgage and Housing Corporation (CMHC) and private mortgage insurance providers. This article will explore mortgage insurance services and rates in Canada, helping you understand the options available and make informed decisions. Canada Mortgage and Housing Corporation (CMHC): The CMHC is a federal government agency that offers mortgage insurance through its flagship program, the CMHC Mortgage Loan Insurance. This program applies to both residential purchases and refinancing and is available to homebuyers with down payments as low as 5%. The CMHC insurance protects lenders by guaranteeing repayment of the mortgage loan in case of borrower default. CMHC M