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



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5      91 reviews


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Derek Peters
  September 26, 2024

Working with the VanDinther team was an absolute pleasure! From start to finish, Holly provided exceptional service. Always available to answer my questions, and went above and beyond to make the process smooth and stress-free. Holly managed to get my home sold quickly and at a price I was thrilled with! If you’re looking for a realtor who truly cares about your needs and will work tirelessly for you, I highly recommend Holly and the VanDinther team!

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Mark Johnston
  May 29, 2024

Lori and team were fantastic! Helped us maximize value and sold fast! A great partner to help sell our home. We wouldn't hesitate to recommend them.

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C L
  April 23, 2024

We received exemplary service from Team VanDinther and would not hesitate to recommend their services. Their expertise in marketing, pricing and communications far exceeded our expectations and resulted in multiple offers. Lori knew all the right people to get our home ready for market and her dedication to our success was apparent at every step of the process. It was a pleasure to work with such a friendly and efficient team!

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Erin O'Leary
  April 07, 2024

Lori and her team are excellent! We worked directly with Morgan and it was a great experience! Morgan was dedicated to finding us the right home. She really listened to our wants/needs and was sure to help us stick to what we were looking for. Morgan is very professional and made us feel comfortable throughout the process. We are very excited about our new home and would highly recommend this team! Thank you Morgan & Lori!

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