Understanding Mortgage Insurance
If you want to buy your first home in Canada, you need to understand mortgage insurance. Though you need a sufficient down payment, many Canadian first-time homebuyers require mortgage insurance to bridge the gap. This helps lenders know that they don’t risk if the borrower cannot make mortgage payments. Let’s understand mortgage insurance in Canada, including the program's requirements, costs, and the way it works. What is Mortgage Insurance? Mortgage insurance protects lenders if the borrower defaults on their mortgage...