TERMIUM Plus®

The Government of Canada’s terminology and linguistic data bank.

MORTGAGE INSURANCE [2 records]

Record 1 2007-11-28

English

Subject field(s)
  • Insurance
  • Real Estate
  • Loans
CONT

Mortgage life insurance provides coverage for your family should you die before your mortgage is paid off. This type of insurance is often available through your lender, who then simply adds the premium to your regular mortgage payments.

OBS

Be careful not to confuse property or life insurance with mortgage loan insurance, which may be required for high-ratio mortgages.

French

Domaine(s)
  • Assurances
  • Immobilier
  • Prêts et emprunts
DEF

Assurance vie temporaire à capital dégressif correspondant à la garantie d'un emprunt hypothécaire amortissable et dont l'objet est de régler le solde de l'emprunt en cas de décès du débiteur.

Spanish

Save record 1

Record 2 2007-11-28

English

Subject field(s)
  • Insurance
  • Real Estate
  • Loans
  • Banking
CONT

Mortgage loan insurance was developed to address the problem home buyers have with saving enough for a down payment while addressing the concerns Canadian mortgage lenders expressed with the increased potential of payment default. By developing mortgage loan insurance, home buyers and mortgage lenders now have an alternative. Using approved Canadian lenders, mortgage loan insurance now affords home buyers the ability to purchase a home with as little as 5% down while protecting mortgage lenders against payment default.

OBS

Mortgage insurance ... Do not confuse this form of insurance with the life insurance offered by many lenders that repays the loan in the event that the borrower dies.

French

Domaine(s)
  • Assurances
  • Immobilier
  • Prêts et emprunts
  • Banque
DEF

Assurance crédit souscrite sur un prêt hypothécaire dans le but de protéger le créancier contre les défauts de paiement du débiteur.

CONT

L'assurance prêt hypothécaire est exigée habituellement par les prêteurs, lorsque l'emprunteur effectue une mise de fonds inférieure à 20 % du prix d'achat de l'habitation.

OBS

Il ne faut pas confondre l'assurance prêt hypothécaire et l'assurance-vie prêt hypothécaire, qui garantit que votre succession n'aura pas à rembourser le solde de votre prêt hypothécaire au moment de votre décès.

Key term(s)
  • assurance-prêt hypothécaire

Spanish

Save record 2

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