Mortgage Loan Insurance
Mortgage Loan Insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum downpayment of 5%. The amount of the insurance premium depends on the amount borrowed from the lender.
Mortgage loan insurance premiums can be paid in a lump sum or be added to your mortgage and included in your monthly mortgage payment. For more information, talk to your mortgage professional, or contact a Mortgage Loan Insurance provider.
Current mortgage loan insurance providers are:
The Federal Department of Finance has made a number of changes to promote more conservative lending practices on government-backed insured mortgages.
Mortgage Life Insurance
Mortgage Life Insurance is designed to protect your family from the financial burden of paying off your mortgage in the event that something should happen to you. It is a life insurance policy that pays the balance of your mortgage to the lending institution.
When you buy a home, you are buying title to the property. Title insurance protects that property. It is an insurance policy covering the condition of title or ownership of your property and is used to provide ownership protection against losses or damages suffered as a result of title problems.
Title Insurance provides the purchaser with coverage against title risks inherent in real estate transactions (including title fraud) for as long as you own your home.
For more information, talk to your mortgage professional, or contact the following Title Insurance providers: