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Mortgage insurance or mortgage insurance??

on Tue, 09/06/2011 - 23:37

 

Is amazing how many people have no idea what "mortgage insurance" means...
 
I have met many people, think mortgage insurance is the same as mortgage loan insurance. 
 
Ok, let's make it clear: mortgage loan insurance is usually provided by CMHC and GE, mostly CMHC. From CMHC's web site, it defines mortgage loan insurance as follows: Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.