Mortgage Insurance
In Canada, there are two types of mortgage insurance.
Mortgage Default Insurance protects our financial institutions against non-payment by borrowers. Coverage is mandated by our banking system and premiums are primarily determined by the amount of equity (down-payment) you have in your home.
Mortgage Creditor Insurance protects you, the borrower, from loss of equity in your home in the event that you are unable to make mortgage payments due to disability, or the untimely passing, of someone on title. This coverage is highly recommended and premiums are appropriately reasonable. We will work with you to ensure that you have the coverage you need.
*Rates shown available O.A.C. at March 9, 2010. The 5-year variable/closed rate is at Prime - 0.40% = 1.85%, 1-year variable/closed rate is at Prime - 0.30% = 1.95%, 3-year variable/closed rate is at Prime - 0.40% = 1.85%, based on the current Prime rate of 2.25%. Finder Financial Services Ltd. reserves the right to discontinue this offer at any time. Applicable mortgages only, and subject to Finder Financial Services Ltd. lending criteria for residential properties. ON and BC properties only. Finder Financial Services Ltd. is registered with the Financial Services Commission of Ontario - Registration# 10245.
