Government-backed or privately-backed insurance protecting the lender against the borrower's default on high-ratio mortgages.

Insurance available in all urban centers and is mandatory for borrowers with a down payment of less than 25%. Premium added to mortgage and paid by the borrower over the life of the mortgage. This insures the lender against loss in case of default on part of the borrower. Mortgage Insurance is provided by a number of insurers.

Required if you are contributing between 5% and 25% of the value of the property as the down payment.