Definition : Immovable hypothec (conventional) - Mortgage insurance (Mortgage Default Insurance)

Insurance allowing the purchase of a residential immovable (for example, an apartment in divided co-ownership) by disbursing a small deposit. Such insurance is required by the federal government for mortgage loans when the deposit is less than 20% of the purchase price.

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It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?
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