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As a homebuyer, Mortgage Insurance is mandatory if your down payment is below 20%, but it provides a crucial benefit of ensuring your family will have a home in the unfortunate event of your passing.
What is Mortgage Life Insurance?
If, for whatever reason, you are no longer able to make payments on your mortgage, Mortgage Insurance will cover the missed payments so that you can avoid the foreclosure of your property. Your policy premium payments will stop only once your mortgage is fully paid off.
You will also have the peace of mind that in the unfortunate event of your death, your family will not have to worry about paying the mortgage or searching for a new home. However, the policy payments will always go straight to the financial institution you hold your mortgage with, and not your family.
Yes and no, as it depends on your down-payment amount. If you put down below 20% of the property’s value, Mortgage Insurance will be required by the lender to protect them in case you default on your loan payments.
A 20% down-payment is unattainable for many new home buyers, especially due to the rapidly rising housing prices. The minimum down-payment in Canada for first time buyers is 5%, which is what most people choose to pay. If the value of your desired property is above $500,000 but below a million, you will have to pay 5% of the $500,000 plus additional 10% of the remaining amount. Properties valued at one million or above require a 20% down-payment and do not qualify for mortgage insurance.
Purchasing a Mortgage Insurance provides security to your lender, which enables them to offer sustainable interest rates on your loan.
Your Mortgage Insurance cost will always depend on the desired property’s value and your down-payment amount. The lower the value of the property and the bigger the down-payment, the lower Mortgage Insurance cost will be.
How to Save Money on Mortgage Life Insurance?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.
20% Down Payment
Down Payment Percentage
Shorter Amortization Period
Pay Above Your Monthly Payments
20% Down Payment
Down Payment Percentage
Pay Above Your Monthly Payments
Shorter Amortization Period
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