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TRIDENT INSURANCE BROKERS INC.
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  • Products
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      • Personal Auto Insurance
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      • Auto Fleet Insurance
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      • Home Insurance
      • Mortgage Insurance
      • Condo Insurance
      • Revenue Property Insurance
      • Tenants/Renters Insurance
      • Building Owner’s Insurance
    • Travel Insurance
    • Health Benefits >
      • Health Benefits
      • Critical Illness Insurance
      • International Students Health Insurance
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      • Traditional Life Insurance
      • Annuities
      • Disability Insurance
      • Registered Retirement Savings Plan (RRSP)
      • Registered Eductation Savings Plan (RESP)
    • Business >
      • Business Insurance
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Mortgage Insurance​

Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get.

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Mortgage Insurance

Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it increases the cost of your loan. If you are required to pay mortgage insurance, it will be included in your total monthly payment that you make to your lender, your costs at closing, or both.

As with other insurance, an insurance policy is part of the insurance transaction. In mortgage insurance, a master policy issued to a bank or other mortgage-holding entity (the policyholder) lays out the terms and conditions of the coverage under insurance certificates. The certificates document the particular characteristics and conditions of each individual loan. The master policy includes various conditions including exclusions (conditions for denying coverage), conditions for notification of loans in default, and claims settlement. The contractual provisions in the master policy have received increased scrutiny since the subprime mortgage crisis in the United States. Master policies generally require timely notice of default include provisions on monthly reports, time to file suit limitations, arbitration agreements, and exclusions for negligence, misrepresentation, and other conditions such as pre-existing environmental contaminants. The exclusions sometimes have "incontestability provisions" which limit the ability of the mortgage insurer to deny coverage for misrepresentations attributed to the policyholder if twelve consecutive payments are made, although these incontestability provisions generally don't apply to outright fraud.
Coverage can be rescinded if misrepresentation or fraud exists. In 2009, the United States District Court for the Central District of California determined that mortgage insurance could not be rescinded "poolwide".

(416) 275-3581​
3250 Bloor Street West
East Tower, Suite 600

Toronto, ON M8X 2X9
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Trident Insurance Brokers
3250 Bloor Street West
East Tower , Suite 600
Toronto, ON M8X 2X9
Phone: (416) 775-9452 or
Toll free (844) 303-6026
Fax: (888) 351-3865
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Disclaimer:  No coverage will be bound, added, altered, changed or cancelled as a result of submitting a request for information or quotation of insurance. Only coverage that has been confirmed bound by Trident Insurance Brokers Inc. or any of its affiliated companies will be considered bound. Coverage is also subject to an acceptable signed application while meeting the underwriting guidelines of the Insurance Company providing coverage.