Mortgage Insurance

Prepared to ensure your family has the stability and support they require in crucial times?

Customized, adaptable, and designed with your unique needs in mind, Simplinsur® Creditor Insurance offers coverage for your full mortgage amount, relieving your family of the burden. With Simplinsur, safeguarding your loved ones has become more straightforward than ever.

If you fulfill the eligibility criteria and respond "no" to the health inquiries in the application, coverage is instantly yours.
In the unfortunate event of the insured borrower's death, the life insurance coverage will settle up to $1,000,000 of your mortgage's remaining balance.
Should you find yourself unable to work due to illness or injury, disability coverage ensures up to $3,500 of your monthly mortgage payment is taken care of.
If diagnosed with a severe health condition such as life-threatening cancer, heart attack, or stroke, critical illness coverage provides a payment of up to $500,000.

Thanks to Simplinsur, it’s never been easier to help protect the people you love from an unnecessary financial burden.

HOME AND AUTO INSURANCE FROM UNITAS

Unitas collaborates with leading Canadian insurance firms to deliver premium products at compelling prices. With the necessary expertise, infrastructure, and licensing, we’re equipped to meet the diverse insurance demands of Canadians, exceed the expectations of top insurers, and maintain the superior level of service our Mortgage Brokers anticipate for their clients.

Home Insurance

Before finalizing your mortgage, your lender might mandate the acquisition of Home Insurance. Unitas streamlines this process, offering you a swift and competitive avenue to secure the necessary home protection.

Auto Insurance

Many are unaware of the substantial savings available when bundling vehicle and home insurance with the same provider. Unitas leverages these opportunities to enhance your savings by offering combined quotes for both home and auto insurance through a single carrier.

Already covered?

Each annual insurance renewal presents an opportunity for a “value check” to ensure you’re receiving the optimum combination of coverage and cost. With Unitas, securing coverage from a leading Canadian insurer is just a phone call away. In mere minutes, you could significantly reduce your expenses. Discover whether you’re maximizing the value of your investment.

YOUR GUIDE TO MORTGAGE INSURANCE

Mortgage insurance is a policy that protects lenders from the risk of default and foreclosure. It's typically required when homebuyers make a down payment of less than 20% of the home's purchase price. This insurance can help you qualify for a loan that you might not otherwise be able to get, but it's important to note that it protects the lender, not you, in the event of financial difficulty.

There are mainly two types: Private Mortgage Insurance (PMI), which is for conventional loans, and government mortgage insurance, provided for loans obtained through government programs like FHA (Federal Housing Administration) loans, USDA (United States Department of Agriculture) loans, and VA (Veterans Affairs) loans. Each type has its own set of rules, costs, and cancellation policies.

The cost of mortgage insurance varies depending on the type of loan, the amount of your down payment, and your credit score. For PMI, premiums can range from 0.3% to 1.5% of the original loan amount per year. Government loan insurance premiums can vary as well; for example, FHA loans require an upfront premium and an annual premium.

Yes, it's possible to cancel your mortgage insurance. For PMI, once you've reached 20% equity in your home based on the original property value, you can request cancellation from your lender. For FHA loans, the insurance premium is typically for the life of the loan if you made a down payment of less than 10%; however, it can be canceled after 11 years if you made a down payment of 10% or more.

While it's an added cost, mortgage insurance allows buyers who might not have a large down payment saved up to purchase a home sooner. It also expands the pool of potential homebuyers, making homeownership more accessible to a broader segment of the population. Additionally, paying mortgage insurance may enable you to take out a larger loan than you might otherwise be able to afford.