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Mortgage Insurance

Mortgage Insurance, is your mortgage looking after you or the bank?

Here are some simple questions and comparisons for you

Is you premium guaranteed for the term of the loan?
Does your non-smoking Status provide you with a better rate?
Who owns the contract?
Who receives the death benefit?
Does your insurance continue if you change banks?
Does the mortgage have to be paid off in the event of death?
Can I keep the insurance as life insurance once the mortgage is paid?
When will you know if a death claim will be covered?
If there is more insurance then mortgage, who gets the balance?
Does the insurance payout go down as I pay off the mortgage?

Our Plan

Banks Plan

CBC Marketplace Compares Mortgage Insurance; Banks VS Life Insurance companies.

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Mortgage Insurance, is your mortgage looking after you or the bank?

Not all mortgages are created equal. Some benefit you some benefit the bank! Your home is most likely the largest investment of your lifetime, you deserve to have peace of mind knowing your mortgage insurance will pay out in the event of your death.

CMHC LOAN INSURANCE

What is CMHC Mortgage Loan Insurance?

Mortgage loan insurance is typically required by lenders when home-buyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment starting at 5%* — with interest rates comparable to those with a 20% down payment. To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.

Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.

* The minimum down payment requirement for mortgage loan insurance depends on the purchase price of the home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage loan insurance is available only for properties with a purchase price or as-improved/renovated value below $1,000,000.