Definitions for "insured mortgage"
Keywords:  pmi, fha, cmhc, mortgagee, whichever
A mortgage that is protected by mortgage insurance through the Federal Housing...
An insured mortgage protects only the mortgage lender in case you do not make your mortgage payments. This coverage is provided by CMHC [Canada Mortgage and Housing Corporation] and is required if a person has a high-ratio mortgage. (a mortgage is high-ratio if the amount borrowed is more than 75% of the purchase price or appraised value, whichever is less.)
mortgage insured against loss to the mortgagee in the event of default, when the mortgaged property fails to satisfy the balance owing plus the costs of foreclosure.
A loan secured against land for which an insurance policy exists promising to compensate the lender for all losses and costs resulting from the borrower's failure to meet her obligations under the loan agreement.