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Default insurance is a mortgage insurance that protects the lender in the event that a borrower defaults on their mortgage. Default insurance is typically required when a borrower has a down payment of less than 20% of the purchase price of the property. This type of insurance, allows borrowers with smaller down payments to obtain a mortgage. Default insurance is typically added to the mortgage balance and does not make a signifigant impact on the mortgage payments given they are amortized over 25 years.

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Dominion Lending Centres The Mortgage Source
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FSRA #10145

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