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



Google Rating

5      68 reviews


Photo of Jan Hall

Jan Hall
  August 30, 2022

Photo of Anastasiia Pysarchuk

Anastasiia Pysarchuk
  July 22, 2022

We couldn't be happier with how we were treated and worked with by Melissa Uba of the Lori VanDinther Team. She was extremely responsive and very pro-active on communicating with us. My brother and I came from Ukraine a couple months ago and it was very important to find someone who could guide us. Mellisa became that person and did everything to help with first leasing experience in Canada. The process went so smoothly and she was an absolute pleasure to work with. She was very knowledgeable about the process and was a great resource. She offered her opinion when we asked and helped us to consider things we hadn’t thought of. We’ll definitely reach out to Melissa in the future and we highly recommend her!

Photo of Monica Leoni

Monica Leoni
  June 21, 2022

Lori VanDinther and her team are dedicated professionals who love what they do and who make your experience a personal one. We had the pleasure of working with Melissa Uba recently and we could not be more grateful for her help. We are currently hosting two young Ukrainians in our home, who recently began the process of finding their own place to live in a very difficult and expensive Burlington market. Melissa handled the situation delicately and compassionately, getting to know the needs and realities of our guests first, and then catering her searches to meet them on every level. Melissa showed professionalism and empathy throughout, and made every viewing a positive and hopeful experience. We recommend her highly!!

Photo of Wendy Walker

Wendy Walker
  May 27, 2022

Lori and her team are extremely professional and knowledgeable. In a changing market Lori and her team nailed it! The sale of my home went quickly and without any problems. The expertise in knowing the data in the market to their confidence in selling my home quickly and at a good market value was unprecedented. The communication with all team members from start to finish was fabulous. Thank you again for doing a fantastic job! Wendy Walker

View All Google Reviews


RE/MAX Escarpment Realty Inc., Brokerage logo

MLS®, Multiple Listing Service®, and all related graphics are trademarks of The Canadian Real Estate Association.
REALTOR®, REALTORS®, and all related graphics are trademarks of REALTOR® Canada Inc. a corporation owned by The Canadian Real Estate Association and the National Association of REALTORS®.