Tag Archive: default insurance


An Insurance Trick to Get Better Rates

Many of you know that the lowest mortgage rates in Canada often require default insurance. Insurance reduces credit risk and losses for lenders, and lenders often pass that savings through to consumers. What many don’t know is how to get insured rates if you already have a mortgage. Consider this example… Suppose you bought a $900,000 home a few years ago...

We May Again See Mortgage Insurance for Properties Over $1 Million

In 2012, Canadians lost the ability to buy $1 million+ homes with less than 20% down. The Finance Department put the kibosh on it, in its hotly debated quest to “reduce taxpayer risk.” But now, there’s hope that well-qualified borrowers will once again be able to buy a 7-figure shack with just 10% down. Genworth Canada, the nation’s biggest private...

What’s the Difference Between Insured, Insurable and Uninsured Mortgages?

Interested in a rock-bottom rate you see online? You better understand its stipulations. Mortgage rates aren’t as straightforward as people think. The competitiveness of your mortgage rate is heavily influenced by whether your mortgage can be default insured. In some cases—like when you’re buying a home with less than a 20% down payment—you have no choice. You must buy default...

Could Ottawa Up the Default Insurance Limit?

If we were betting types, we’d wager that in coming months the government makes it possible to mortgage a 7-figure property with just a modest down payment. Here’s why. At the moment, there is a $1 million property value limit if you want to buy a house with less than 20% down and get the best mortgage rates. That price...