MORTGAGE LOAN INSURANCE

Wednesday Mar 21st, 2018

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Many home buyers will need Mortgage Loan Insurance when purchasing a home and here is why:

Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.

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