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• Product Features
• Energy-Efficient Housing Program
• Extended Amortization Program
• Portability Feature
• Purchase Plus Improvements Program
• Self-Directed RRSP Program
• Variable Rate Program

At Genworth Financial Canada, we know that for many Canadian families their first home is not their last home.

We are pleased to have introduced the concept of portable mortgage default insurance to Canadians. Most lenders have a portability feature, which allows you to transfer your original mortgage to a new property, preserving a low interest rate and saving the cost of setting up a new mortgage. If you decide to port your mortgage to a new home and your mortgage is insured by Genworth, you will be able to port the mortgage default insurance as well. This will allow you to save on future insurance premiums.

Now, borrowers with a Genworth-insured mortgage can save on the costs associated with a new mortgage by taking advantage of their lender's mortgage portability plan and "port" the mortgage default insurance.

Acceptable loan purpose

• Purchase
• Refinance

Loan-to-value ratio limits

• For this program, the maximum LTV is 95.00% - unless the original Genworth-insured mortgage LTV ratio was greater than 95.00%. In this case, we will consider a new LTV ratio maximum equal to that of the original loan providing that there is no increase to the loan amount or amortization period (Straight port only).

Amortization

1. Straight port: amortization of the new loan cannot exceed that remaining on the original loan
2. Port/Top-Up Refinance with increased loan amount or increased LTV ratio:

Maximum Amortization will be the Greater of:
A) Blended Amortization: (Outstanding Balance x Remaining Amortization) + (New Funds x New Amortization) Outstanding Balance + New Funds
B) Lapsed Time Calculation: Amortization on new mortgage - Amortization elapsed on the original mortgage

 

For examples on the calculations, click here.

Premium rates*

1. Straight port: no new premium is payable
2. The premium to be paid is the lesser of:
   • Full Premium Calculation: Full Premium Rate on Total Loan Amount less applicable Premium Credit
   • Top-Up Premium Calculation: Top-Up Premium Rate on New Funds

Standard Premium Rates*

LTV ratio	Full Premium on Total Loan Amount	Top-up Premium on New Funds
Up to 65%	0.50 %	0.50 %
65.01% - 75%	0.65 %	2.25 %
75.01% - 80%	1.00 %	2.75 %
80.01% - 85%	1.75 %	3.50 %
85.01% - 90%	2.00 %	4.25 %
90.01% - 95%	2.75 %	4.25 %
Premium is non-refundable. For specialty products, please refer to the applicable Product Overview for premium rates
* a .20% premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period.

Premium Credit

• Applicable for purchase applications where full premium was paid on the original mortgage
• Premium credit will be applied to the full premium on the new mortgage as per the table below:

From original closing date	Of original premium paid
Within 6 months	100%
Within 12 months	50%
Within 24 months	25%
*Genworth's mortgage default insurance continues to be portable beyond two(2) years; however, the premium credit will not apply.

Extended Amortizations

With the introduction of extended amortizations, Genworth customers are now able to port or refinance into a mortgage with an amortization period of up to 30-years. The table below provides the premium calculation involving extended amortizations:

	Premium will be the Lesser of:
Amortization Period	Full Premium Calculation	Top-Up Premium Calculation
Remains the Same or Decreases (e.g., original mortgage: 30-year amortization, new mortgage: 30-year amortization)	Total Mortgage Amount x Full Premium (add .20% for every 5 years of amortization beyond the traditional 25-year mortgage amortization period) less Premium Credit	New Funds x Top-Up Premium (add .20% for every 5 years of amortization beyond the traditional 25-year mortgage amortization period)
Increased Amortization Period (e.g., original mortgage: 25-year amortization, new mortgage: 30-year amortization)	Total Mortgage Amount x Full Premium (add .20% for every 5 years of amortization beyond the traditional 25-year mortgage amortization period) less Premium Credit	Extended amortization surcharge of 0.20% for every 5 years increase from the original amortization is applied to the current outstanding balance + New Funds x Top-Up Premium (add .20% for every 5 years of amortization beyond the traditional 25-year mortgage amortization period)

For examples on the calculations, click here.

Borrower qualification

• Original mortgage must have been insured by Genworth and be up to date
• Borrower reassessment is required. Existing requirements related to income, down payment and credit worthiness apply.
• Where more than one borrower is involved, at least one of the borrowers must have been identified on the original application as a mortgagor and remain on title
• Complete borrower requalification is required when the borrower increases the loan amount or the LTV ratio

Documentation requirements

1. Straight port: offer to purchase
2. Port with increased loan amount and/or LTV ratio: standard documentation requirements

The insurance premium is payable once at the time of closing (except for Progress Advances where the premium is paid in installments during the construction phase with a final installment paid when the home is completed). The insurance premium is not refundable and may be added onto the mortgage or paid in cash.