MORTGAGE INSURANCE
What Is Mortgage Insurance?
Buying a home is one of the biggest investments you’ll ever make. That’s why finding customized mortgage insurance is crucial.
Mortgage insurance is designed to protect lenders in case a borrower defaults on their payments. While it primarily protects the lender, it also makes it easier for borrowers to qualify for a mortgage — especially those who may not otherwise meet standard criteria. This reduced risk allows lenders to offer more flexible and affordable loan options.
Why Is Mortgage Insurance Important?
There are several key benefits to having mortgage insurance in Canada:
- You can keep your coverage even if you switch lenders upon renewal.
- The contract belongs to you, and you choose your own beneficiaries.
- Your premium is based on your profile and won’t increase even if your health changes.
- You enjoy a fixed and guaranteed premium throughout the term.
Who Needs Mortgage Insurance?
If you’re planning to buy a home in Canada, mortgage insurance is essential — especially if your down payment is less than 20%.
You may wonder: “Do I need mortgage insurance or life insurance?” The truth is, both serve different purposes. Mortgage insurance ensures your loan is covered if something unexpected happens, giving you and your loved ones peace of mind.
Concerned about cost? Or what happens if you fall behind on payments? MB Insurance is here to help guide you and provide tailored mortgage protection insurance plans that suit your needs.
We’d Love to Hear from You!
Have questions? Need a quote? Contact MB Insurance today — we’re ready to protect your biggest investment.
