Mortgage default insurance protects the lenders in case there is a default in mortgage from the mortgagor. In Canada, lenders are willing to make mortgage loans with down payment less than 20% . 20% down will avoid mortgage default insurance, in most cases. The insurance premium is added to the mortgage. PST on the total mortgage insurance premium is due on closing.
In Canada there are three companies offering this kind of insurance:
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They all have almost similar products and also offer unique products for self employed people.
Laurie Wilson
