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Residential Mortgages

Mortgage Insurance and Disclosure Information


The Government of Canada requires you to hold mortgage default insurance if your down payment is less than 20%. This type of insurance protects your lender from losses if you default on your mortgage.

A benefit of having an insured (high ratio) mortgage is a lower down payment, which allows you to buy a home sooner and take advantage of lower insured mortgage rates. The premium you pay is based on the size of your mortgage and the percentage of your down payment, and can be added to the mortgage principle. Other factors such as employment status or source of down payment also impact the calculation.

The options can be confusing, so we want to help. If you do not have a Concentra mortgage and need information understanding insurance options, one of our mobile mortgage specialists would be happy to answer your questions. If you do have a Concentra mortgage and need some support, please email our mortgage servicing team or phone 1.855.795.4489.