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Mortgage loan insurance, also known as mortgage default insurance, is required by lenders when homebuyers cannot come up with the 20% down payment required to quality for a mortgage. Almost all lenders in Canada will not lend homebuyers more than 80% of the value of their residential property unless the mortgage is insured against default. The borrower pays for this insurance (and any applicable sales tax).

Mortgage loan insurance has two primary purposes:

  • Protects lenders against a mortgage default
  • Enables homebuyers to purchase homes with a minimum down payment of 5%

The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.

Three companies in Canada offer the mortgage loan insurance to homebuyers purchasing in the Ottawa Region or anywhere in Canada. All three companies products are similar and offer unique products for those who are self-employed.

To find out more about mortgage insurance and whether it is necessary for you, please contact The Laurin Team.

Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.

*On approved credit (O.A.C.) / Fees payable to the mortgage broker and/or lender may apply in specific circumstances.



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