[vc_row][vc_column width=”1/1″]Mortgage Insurance is a product for which the client pays the premium (typically by way of a fee added to the mortgage balance) that ultimately protects the lender in particular in the case of a default (non-payment). In Canada lenders are willing to offer mortgage loans with downpayments below 20% only when such insurance is in place.
If the down-payment amount meets or exceeds 20% of the net purchase price then there is no insurance premium applicable.
In Canada there are three companies offering this kind of insurance:
Although all three insurers offer similar products, there are unique things about each one that may or may not allow your file to work with one and not another, and if you are dealing with a single Bank then that Bank may not have access to all three insurers. Advantage Broker. 🙂
Is it the Bank saying no to your file, or is it the insurer?
Did the Bank get it sent back out to the other two insurers?
Do they have access to all three?
These nuances are once again where an independent Mortgage Broker, not boxed into any one lenders policies, can truly save the day for you.[/vc_column][/vc_row]