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      77 reviews


Photo of Precious Eyesan

Precious Eyesan
  May 12, 2023

We enjoyed our house buying experience with Kimberley. She was very knowledgeable and professional, at the same time friendly, patient, full of humor and made us feel well taken care of. We would absolutely work with her again.

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kathie decoste
  May 10, 2023

Kimberly was super. Great communication and follow up. Would recommend her to everyone.

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Barb Skanes
  April 26, 2023

Lori and her team came highly recommended and after listing and selling our aging parents home, I can understand why. When we met with Lori, she was friendly, approachable and professional. She had an excellent handle on the market and area. What complicated the sale for us is, we don't live in the area. Lori made sure the final details before listing were looked after. She brought in cleaners to give the house a thorough cleaning and freshening up. Lori and her team, Morgan and Laurie, kept us informed every step of the way. They were in constant communication making sure we knew what was happening. It was a very quick sale and couldn't be happier with the results. After our interactions with the team, we would also highly recommend them.

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Craig McL
  April 22, 2023

Lori and Kim have helped us on numerous real estate transactions and we have always been thrilled with their level of service and professionalism. Selling or buying, we highly recommend the VanDinther team.

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