What is an INSURER?

There are currently three mortgage insurers in Canada. They enable mortgages to be placed where the down payment is less then 20% by insuring the mortgage in the event of default. This cost is to the borrower and the benefit is to assist the lender. The lender then has protection to lend.

The insurers in Canada are;

Canada Mortgage and Housing Corportation (CMHC) https://www.cmhc-schl.gc.ca/

Sagen (Formerly Genworth) https://www.sagen.ca

Canadian Guaranty https://www.canadaguaranty.ca/

Insurers may also bulk insure conventional mortgages – your broker can provide more details!