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Looking for Affordable Mortgage Insurance for Your Home?

The typical 20% down payment required to purchase a home can be out of reach for many buyers. With mortgage insurance, you may finally be able to afford the home of your dreams.

At Insurdinary, we help potential homeowners find the best rates on mortgage insurance so that they can still qualify for a home loan – and pay a smaller down payment up front.

Compare rates from Canada’s top mortgage insurance providers with Insurdinary!

What is Mortgage Insurance?

private mortgage insurance rates

Mortgage insurance makes it possible for home buyers to make a smaller down payment – lower than the typical 20% of the purchase cost. If you’re in the process of buying a home, a lender may require that you get mortgage insurance. You’ll still qualify for a home loan, but your insurance protects the lender in case you default on the loan.

How Does Mortgage Insurance Work in Canada?

While you bear the cost of the regular premium, mortgage insurance covers the lender by paying out a portion of the principal amount if you stop making mortgage payments. Without mortgage insurance, you may be on the hook for the loan if you can’t pay. This may put your house at risk of foreclosure.

Protect Your Home & Your Finances with Mortgage Insurance

While most types of insurance protect you in the case of an emergency, mortgage insurance protects you in the case of you not being able to make your regular loan payments. If you face a tough financial situation, this may put your home at risk.

Mortgage insurance can help safeguard your home from foreclosure in the chance that you can’t pay your loans. Even if mortgage insurance is required by the lender, this is typically the better option compared to a higher down payment or loan rates.

Need Mortgage Insurance? Get Help with Insurdinary

Do you need mortgage insurance for your home? Don’t waste money on expensive insurance providers!

With Insurdinary, you can compare rates from many providers at once in order to choose the most affordable plan for you.

Don’t wait. Get the coverage you need today in order to secure your dream home!

Get Affordable Mortgage Insurance Quotes Online

When it comes to finding affordable mortgage insurance in Canada, you want to shop around. But going to several websites, filling out applications, and speaking to reps is time consuming.

With Insurdinary, you simply submit your information and get quotes from Canada’s top mortgage insurance providers sent straight to your inbox.

Compare Quotes for All Types of Private Mortgage Insurance

Private Mortgage Insurance (PMI) is your best bet for getting the lowest rates for the best coverage.


Borrower-Paid Mortgage Insurance

BPMI is the most common form of mortgage insurance. With this type, you pay a monthly fee along with your mortgage payment.

Once the loan is paid off, you continue to pay BPMI until you have 22% equity in your home – at which point, your BPMI is canceled (as long as you are up-to-date on your mortgage payments).

Single-Premium Mortgage Insurance

Also called “single-payment mortgage insurance”, SPMI is mortgage insurance that you pay upfront as a lump sum. This is usually done at the time of closing on your new home.

The main benefit of this type of insurance is that your monthly payment will be lower compared to the Borrower-Paid option.

Lender-Paid Mortgage Insurance

Lender-Paid Mortgage Insurance (LPMI), as the name implies, is when the lender (technically) pays your insurance premium. Really, you pay for the insurance over the lifetime of the loan via higher interest rates.

With LPMI, you can’t cancel the insurance, but you may be able to refinance in order to reduce your monthly payment.

Split-Premium Mortgage Insurance

Split-Premium Mortgage Insurance is a hybrid of BPMI and SPMI. This is where you pay part of the insurance as a lump sum (at closing) and part on a monthly basis. This is the least common type of mortgage insurance.

The benefit of this option is that you don’t have to come up with as money upfront. At the same time, you won’t have to increase your monthly payment as much as you would with BPMI.

Best Mortgage Insurance Rates in Canada

Buying a home is a major expense. Take some of the pressure off with affordable mortgage insurance.

Get the coverage you need for your unique loan situation, all for a low monthly premium. 


Not sure how much mortgage insurance costs? Providers base your rates on several factors:

  • Fixed or adjustable interest rate
  • Loan term length
  • Whether the premium is refundable
  • Your credit score
  • Down payment made
  • Loan-to-value ratio
  • Amount of insurance required by the lender
  • Other risk factors


Find the best rates for your lending situation with Insurdinary. We’ll get you connected with providers who can help!

Get Home Mortgage Insurance Quotes Instantly

Receive Quotes from Top Providers in Minutes

Insurdinary gets you connected with the best, most affordable insurance providers in Canada. No matter your situation, you’ll find the perfect plan and price for you.

Get the coverage you need at a rate you can afford!

Save Money on Mortgage Insurance Now

Mortgage insurance is often a necessity when you are buying a home. But that doesn’t mean that your insurance has to be expensive.

When you work with Insurdinary, you’ll save money on your monthly premiums by choosing the right provider from the very beginning.

Get quotes from all of Canada’s top mortgage insurance providers. Simply add your details and get quotes sent directly to your inbox. It’s simple.

Get the Best Quotes on All Types of Insurance

Need other types of insurance? Insurdinary has you covered no matter what. Shop online for the best insurance coverage and rates in all of Canada.


Mortgage Insurance – Frequently Asked Questions (FAQ)

Need mortgage insurance in Canada? Not sure what mortgage insurance is?

Get all of your questions answered in our Frequently Asked Questions section below.

What is mortgage insurance?

If you’re buying a home, you typically have to make a down payment (approximately 20%). With mortgage insurance, you may be able to make a smaller down payment by making monthly payments on your insurance policy. Mortgage insurance protects the lender in the chance that you can’t pay your monthly premium.

How does mortgage insurance work?

While you pay the monthly premium on your insurance, the insurance covers the lender by paying out a portion of the principal amount in the change that you default on your home loan. Without mortgage insurance, your home may be at risk of foreclosure if you don’t make your payments.

Is mortgage insurance necessary?

Not every home buyer or homeowner is required to get mortgage insurance. However, your lender may require that you get mortgage insurance under certain conditions. If that’s the case, you will want to choose a policy that fits their requirements and has a monthly premium you can afford.

Is mortgage insurance bad?

Mortgage insurance has the reputation of being “bad” because it is often required by the lender (not because the borrower wants to get insurance). It is sometimes a necessary evil if you want to buy a home but can’t afford the down payment. To avoid having to get mortgage insurance, you may try to pay a higher down payment and/or prove that you can pay your mortgage bills on time.

How much does mortgage insurance cost?

The cost of mortgage insurance depends on a variety of factors, such as the loan duration, what type of mortgage insurance you need, and any risk factors you may have. It’s best to discuss your options with a trusted insurance provider.

Where can I find home mortgage insurance quotes?

Insurdinary has partnered with Canadian mortgage insurance providers to provide you with the best insurance quotes, fast. Fill out a quick application to get custom quotes sent straight to your inbox in minutes.

How do I save money on mortgage insurance?

The best way to save money on your mortgage insurance is to compare quotes from various providers. Simply input your information and you will be sent a variety of quotes, plans, and options. You can then decide on what premium you can afford and the policy you want.

How soon will I get my mortgage insurance quotes?

Need mortgage insurance? When you request online mortgage insurance quotes from Insurdinary, you will receive quotes from top providers in as little as a few minutes.

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