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Mortgage Loan Insurance Is Required By Lenders in Canada with less than 20% down payment

When you want to buy a house, getting a mortgage loan through a Mississauga Mortgage Broker is the way that most people should choose. Before you get a loan to purchase a home you need to understand that mortgage loan insurance will be required by lenders if you have less than 20% down payment.

This loan insurance is needed because it protects the lender in the event of a default by you on the mortgage payments, and there is a deficiency in the sale. This insurance is not like all other types of insurance due to the fact that a premium payment is paid once upfront and can be added to the mortgage .

The amount that you pay can vary somewhere between 0.25% to 3.75%. The amount you pay will depend on the... http://insurance-a.ucoz.com/news/mortgage_rate_insurance/2013-05-30-2463