Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to HMECU, making homeownership more accessible to first-time homebuyers.
Mortgage Default Insurance, commonly referred to as Mortgage Insurance, allows homebuyers to achieve the dream of homeownership with a low down payment. There are two types of mortgage options:
In Canada, mortgage insurance is required federally on high-ratio mortgages – that is, mortgages with a down payment of 20 per cent or less. This insurance gives HMECU the flexibility to offer borrowers with low down payments the same low interest rates they would offer to homebuyers with more equity.
This insurance is not to be confused with mortgage life insurance which protects homeowners and their families in the event of death or illness.
For more information and resources to help understand mortgage insurance, visit Genworth Canada's website.
For more information and resources to help understand the overall home buying process, visit Genworth Canada's Homebuyers website.
