Mortgage Default Insurance is required by a lender on homes purchased with less than 20% down payment. These are high-ratio or NHA mortgages. Canada Mortgage and Housing Corporation or GE Mortgage Insurance of Canada are two of the well-known providers of default Insurance. The cost can be added on to your mortgage.
Property Insurance needs to be purchased before the home buyer takes legal ownership of the property. This insurance is obtained from an insurance agent to cover the home and contents from fire and other specified damages. The agent sends the documentation to the lawyer prior to the closing date.
Mortgage Life & Disability Insurance can be applied for and if a death or disability claim is approved, it may payout the mortgage balance in part or in full. We encourage all our clients to take out mortgage life insurance. We also recommend that they look into all their insurance options before taking insurance offered directly through the lender.
Contact us to learn more about the different types of life insurance options available that may better suit your situation and personal preferences.