What Is Mortgage Default Insurance In Ontario?
When buying a home in Ontario with less then 20% down payment mortgage default insurance will be required. Mortgage default insurance in Ontario can be purchased from Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada and Canada Guaranty.
Mortgage default insurance in Ontario protects the lender in case of default by the homeowner, and the premiums for mortgage default insurance are normally added on the remaining mortgage balance at the time of closing.
Watch this episode with Realtor Joe Terceira and mortgage broker Tracey Brock where Tracey is going to explain and discuss what is mortgage default insurance in Ontario.
For more information on financing or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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