Mortgage Loan Insurance
Mortgage loan insurance is purchased by a buyer to cover the lender’s risk of loss. Mortgage insurance required by lenders for high-ratio mortgages (more than 75% of the purchase price).
It is available from CMHC or a private insurer for a cost of between 0.5% and 3% of the amount of the mortgage.
Click for more mortgage glossary terms relating to remortgaging.