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Insured Vs Uninsured Mortgages

Do I Need Mortgage Insurance?

  • Understanding when it is required
  • Understanding how much it will cost
  • Understanding the benefits of having mortgage insurance

Insured Vs Uninsured Mortgages

Do I Need Mortgage Insurance?

  • Understanding when it is required
  • Understanding how much it will cost
  • Understanding the benefits of having mortgage insurance

What Is Mortgage Insurance?

Deciding to purchase a home is a large financial commitment, and for many potential homeowners the cost of buying a home seems overwhelming. When you begin to look at the cost of a home, and the potential possibilities in applying for a mortgage, one of the most important aspects to consider is the size of the down payment. Many banks and financial institutions require a certain percentage of the cost of the home as a down payment in order for a home buyer to be approved for their mortgage. A mortgage insurance company is used as a way to make home ownership possible for those who are unable to make large down payments on a home purchase.

A mortgage insurance company is there to help potential home buyers be able to purchase the home of their dreams. Mortgage insurance is issued on a home mortgage as a way to protect the lender if there a circumstance occurs which makes the buyer unable to pay. Different banks and lenders have varying policies on the requirements of mortgage insurance; however, the Canadian government requires all high-ratio mortgages to be backed by a loan insurance company. High ratio mortgages are categorized as mortgages in which buyers put down less than twenty percent of the total home price for a down payment.

  • Exceeded Our Expectations

    Our son-in-law and his wife recommended your company to us. We are so thankful that they suggested your…
    Vancouver Mortgage Broker Company to us. The content of information that you provided to us for our refinance was absolutely fantastic, couldn’t have been handled any better. We had a couple of glitches that came up but Wrenetta took care of them immediately and brought our stress level back down. I don’t think we have ever had such a smooth flowing experience in attaining a new mortgage. This experience exceeded our expectations. Paul & I are extremely overjoyed and blessed to have worked with this company and especially Wrenetta Sinclair. Wrenetta dealt with every problem immediately and every time I emailed her, I had a response with minutes. We highly recommend Geoff Lee and GLM MORTGAGE GROUP to anyone looking for finance/refinance. Thank you so very much.

    Paul & Betty Makarenko, Beeton Ontario

  • Beat Banks Rate Hands Down

    Geoff was awesome from the get go. Always answered any questions I had regarding the entire process whether… that was by email or phone. My mortgage was approved relatively easily and with a great rate. This mortgage broker beat my banks rate hands down. Thanks again Geoff and GLM. Would definitely use you guys again.

    Greg Wallace, Langley, BC

  • Geoff Knows What He Is Doing

    Geoff knows what he is doing! I met Geoff earlier this year and I have been extremely impressed with…
    his professionalism and dedication to his clients as a mortgage broker. If getting approved by the bank is challenging for you, Geoff can teach you what you need to do to get approved. He’s not about the sale, but helping people understand their options and teaching them what they need to do. If you like to get things done quick and painlessly Geoff at GLM Mortgage Group is your man!

    Rob Torrance, Langley BC

A loan insurance company works to help lenders in providing those home buyers who have less equity, the chance to be offered the same low interest rates as those with higher down payments. While the government requires mortgage insurance for down payments under 20%, certain lenders will require their home buyers to have larger down payments than 20% to be exempt from purchasing loan insurance. It is always a good idea to contact a variety of financial institutions or possible lenders to determine what their requirements are on mortgage insurance. It is important to look around at different options before you decide which one is the best for you.

The cost of mortgage insurance premiums is based on the total cost of the mortgage. When it comes to purchasing insurance through a loan insurance company, it can be paid for in a couple of different ways. While the entire cost of home insurance can be paid for in one lump sum when closing on the property, there are additional options as well. In many cases, homeowners will spread the cost of mortgage insurance over the entire span of the loan. This is a good way to make payments smaller and more manageable if paying in one lump sum is not a possibility.

It is important to realize that there is a difference between mortgage insurance and mortgage life insurance. Mortgage life insurance is used to protect homeowners and families from the possible death of a family member. Mortgage insurance is used to protect lenders from possible default that could occur if the buyer was unable to pay off the mortgage. A mortgage insurance company will allow many home buyers the possibility of purchasing a home when otherwise they may have not been able to afford because of the cost of a down payment.

What is the GLM Mortgage Group?

GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available.

We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!

Tools & Resources for Success!

Good Credit



GLM will help you to obtain and maintain good credit, which is critical for obtaining a mortgage. Our free Guide to Obtaining Good Credit outlines the steps required to quickly improve your credit.

Mortgage Calculator



When searching for a home, the first step is to determine what you can comfortably afford. Our free, easy-to-use mortgage calculator will help you determine the amount of your mortgage payments.

Mortgage Rates



GLM Mortgage Group always posts the best rates available anywhere. Our mortgage brokers have access to dozens of lenders, we’re able to find the best mortgage product and rate to match your unique needs.


 We work with you taking on even the most challenging cases turning a NO into a YES!

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