What is Mortgage Insurance?
Mortgage Insurance is an insurance which protects the lenders in case there is a default in mortgage from the mortgagor. In Canada , the lenders are willing to make mortgage loans with downpayment smaller than 20% or in other words one has to get mortgage insurance if one is taking a loan of greater than 80% of the property value.
In Canada there are three main companies offering this kind of insurance:
They all have almost similar products and also offer unique products for self employed people.