Mortgage Insurance
Let’s Protect What You’ve Worked So Hard to Build
Your home is more than just a place to live—it’s one of the biggest financial commitments you’ll ever make, and a cornerstone of your family’s future. Mortgage insurance helps protect that investment by ensuring your mortgage can be covered if life takes an unexpected turn.
Whether it's illness, disability, or the unthinkable, mortgage insurance provides peace of mind that your loved ones can stay in the home you’ve built—without added financial stress. It’s a simple way to secure everything you’ve worked for and protect those who matter most.
Mortgage insurance is especially valuable for first-time buyers, dual-income families, homeowners without existing coverage, or anyone who wants a financial safety net “just in case.”
Is mortgage insurance required in Canada?
Yes—but it depends on the size of your down payment.
In Canada, mortgage default insurance (also known as CMHC insurance) is required by law if your down payment is less than 20% of the home’s purchase price. This insurance protects the lender in case you’re unable to make your mortgage payments—but it also allows you to qualify for a mortgage with a lower down payment.
If you’re putting down 20% or more, default insurance isn’t required. However, optional mortgage protection insurance—like life, disability, or critical illness coverage—is still worth considering to protect your home and family if something unexpected happens.
Should I get mortgage insurance through my bank?
While banks do offer mortgage insurance, it’s important to know that you have options—and your bank’s plan might not always be the best fit.
Bank-issued mortgage insurance is typically tied to your mortgage, meaning it only covers the balance with that specific lender and decreases as your mortgage is paid down. In many cases, the bank—not you—owns the policy, and you're not in control of the coverage.
An alternative is to explore independent mortgage protection insurance, which can offer more flexible coverage, consistent benefits over time, and may even be transferable if you switch lenders. It also gives you more control over who receives the payout and how it’s used.
Can I get mortgage insurance if I have health conditions?
Yes—in many cases, you can still qualify for mortgage insurance even with existing health conditions.
Every insurer has different underwriting guidelines. Some may require a medical questionnaire or health screening, while others offer simplified or guaranteed coverage options with fewer questions and no medical exams. Even if you’ve been declined for traditional life or disability insurance in the past, there may still be options available.
At Valko Financial, we work with a variety of providers to help find a solution that fits your unique health situation and offers the protection you deserve. Our goal is to make sure your home—and your peace of mind—are protected, no matter your medical history.
"I am extremely grateful for all the help and support I received from my mortgage broker (Tracy Valko and her team) She was professional, responsive.She took the time to explain everything clearly, answered all my questions, and worked hard to find the best mortgage option for me. Her expertise helped me secure a great mortgage and save money. Beyond her professionalism, she is a very kind and caring person who made the entire experience much easier. I would not hesitate to recommend her to family and friends."
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REEM THAHER
9 days ago
Tracy and her team were recommended by our family members and what a great recommendation that was! As a first time home buyer, I was feeling overwhelmed. Tracy made this experience much more approachable - she was ready to listen to any questions we had and had responses/explanations that were thorough and easy to understand as someone who is unfamiliar with this world. Our realtor was also impressed with how quick and easy it was to work with this team. Can't recommend them enough!
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Mara Thorsteinson
12 days ago
Working with Tracy was an outstanding experience from start to finish. She took the time to understand my situation, patiently answered my questions, and was always available whenever I needed guidance or clarification throughout the process. What impressed me most was Tracy's expertise as a mortgage broker. Her deep knowledge of the mortgage market helped me confidently navigate my options and choose the mortgage terms that were best for my situation. She explained everything clearly, offered thoughtful advice, and made what could have been an overwhelming process feel straightforward and manageable. On top of all of that, Tracy has a wonderful disposition – she is a genuinely positive person, who is just a pleasure to deal with. When I found my home, Tracy was excited for me, and her enthusiasm made the experience even more special. I'd also like to recognize her team member, Cindy, who was wonderful. She was friendly, responsive and organized, ensuring the administrative steps proceeded smoothly. I am truly grateful for the support, expertise, and care that Tracy and her team provided. I highly recommend her to anyone looking for a mortgage specialist that combines exceptional knowledge with a genuine commitment to client success. Thank you Tracy!
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Erin M
12 days ago
Honest advice that puts your future first.
We’ll help you understand your options and find the right coverage — no pressure, no sales pitch.