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Default Mortgage Insurance

Default insurance is in place to cover the lender in case the borrower defaults on his payments. It is mandatory in Canada for any mortgage loan over 80% of the equity/value of the property. In some instances lenders will require this for mortgages of less than 80%. Mortgage insurance is a cost to the borrower.

Default Insurance Providers in Canada include:

  • CMHC
  • Genworth
  • Canada Guarantee

Effective May 1st the following rate increase will come into affect for insured mortgages: Please see the linked news release from CMHC:

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-02-28-1100.cfm

Effective May 1st, CMHC Purchase (owner occupied 1 – 4 unit) mortgage insurance premiums will increase by approximately 15%, on average, for all loan-to-value ranges.

Loan-to-Value Ratio

Standard Premium (Current)

Standard Premium (Effective May 1st, 2014)

Up to and including 65%

0.60%

0.60%

Up to and including 75%

0.75%

0.75%

Up to and including 80%

1.25%

1.25%

Up to and including 85%

1.8%

1.80%

Up to and including 90%

2.40%

2.40%

Up to and including 95%

3.60%

3.15%

90.01% to 95% —€“ Non-Traditional Down Payment

3.85%

3.35%

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