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** This service is not supervised and is not a registerable activity of Global Maxfin Investments Inc. GMII is not responsible for any activity related to such gainful occupation as they are not deemed business of the dealer.

 

 

QUESTIONS AND ANSWERS
Two Mortgage Insurance

 

There exist 2 types of mortgage insurance (MI) in Canada:

  • MI with small down payment.
  • personal MI at a bank, offered at the time of singing the mortgage contract.

 

Contacts of the first type may not be canceled, since this type of MI is intended by the state to protect the lender, that is, the banking system. The state must ensure that the banking system remains healthy.

The second type of MI is designed to protect the family. You have the right to decline this insurance, since it only protects the welfare of the family in the future, not the one of the bank or the state. There are life insurance programs provided by the employer, or other programs that may be more flexible and less costly that the ones offered by the bank. For further information regarding MI, please refer to section "Mortgage and Buying Property" (Mortgage Insurance).