In Canada, default mortgage insurance is required for homebuyers who are unable to make a down payment of at least 20% of the purchase price. This insurance protects the lender in case the borrower defaults on the loan. It’s typically needed when buying a home with a down payment between 5% and 19.99%.
The main providers of default mortgage insurance in Canada are:
These providers offer mortgage default insurance to help borrowers secure financing when they don’t meet the 20% down payment requirement.
|
Loan-to-Value (LTV) Ratio |
Premium Rate |
|
80.01% – 85% |
2.80% |
|
85.01% – 90% |
3.10% |
|
90.01% – 95% |
4.00% |
|
Over 95% |
4.50% |
Copyright © 2026The Mortgage House. All Rights Reserved.