What is Mortgage Insurance?
Mortgage Insurance is insurance which protects the lenders in case there is a default in mortgage from the mortgagor. In Canada , the lenders are willing to make mortgage loans with downpayment smaller than 20% , so it is necessary to get mortgage insurance if one is taking a loan of greater than 80% of the property value.In Canada there are three companies offering this kind of insurance: They all have almost similar products and also offer unique products for self employed people.