Mortgage Default Insurance

What is mortgage default insurance?

Mortgage Default Insurance Definition: Mortgage default insurance protects a lender if a borrower stops making mortgage payments or cannot do so.

When a mortgage allows for a down payment that amounts to less than twenty percent when you’re approved for a mortgage, you’ll have this premium added to the monthly payment, and interest is accrued on this amount. In some situations, a lender may request payment in a lump sum for the total insurance cost.

Jul 30 - Comparewise Mortgage Banner

Other mortgage terms:

Mortgage Help Centre:

How to Get a Shared Equity Mortgage
How to Save for a Mortgage Down Payment
How to Get a Joint Mortgage
How to Use a Mortgage Calculator
Equitable Bank
Credit Verify
Consolidated Credit Canada
Walnut Insurance
National Bank Syncro Mastercard
Capital One Guaranteed Secured Mastercard
CIBC Dividend Visa Infinite Card
PC Financial World Elite Mastercard


Didn’t find the information you were looking for?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!