WHAT IS MORTGAGE INSURANCE?
There are two types of mortgages in Canada; insured and uninsured.
When buying an owner-occupied home, anyone putting down less than 20% down payment must pay for mortgage insurance. This is an insured mortgage.
The insurance is paid for by the borrower and can be added to your mortgage balance. Mortgage insurance is offered by Canadian Mortgage Housing Corporation (CMHC), Genworth Canada or Canada Guarantee. The premiums are the same with all insurers.