What is Mortgage Insurance?
A conventional mortgage in Canada normally requires a down payment of at least 20% of the purchase price. When homebuyers have less than 20% for a down payment, Mortgage Insurance allows them to secure a mortgage for their home purchase.
Mortgage insurance is a win-win situation for homebuyers and lenders. Lenders rely on it to protect themselves from financial losses in case a loan is not repaid. Because lenders have this protection, they are able to offer loans with smaller down payments, provided credit and legal requirements are met. For homebuyers, this means access to homeownership sooner at a competitive rate, and with a lower down payment.Show Me How
Tailored Mortgage Insurance products from Genworth Canada
can help you achieve the dream of homeownership sooner
and with a low downpayment
Purchase Plus Improvements Program
Mortgages with Renovations with as little as 5% downpayment.
Business For Self Program
Mortgages for Self-Employed with as little as 10% downpayment.
New To Canada Program
Mortgages for New Canadians with as little as 5% downpayment.
Vacation Homes Program
Mortgages for Vacation Homes with as little as 5% downpayment.
Secondary Homes Program
Mortgages for Secondary Homes with as little as 5% downpayment.
Family Plan Program
Buying a home for immediate family with as little as 5% downpayment.
Progress Advance Program
Building a Custom Home with as little as 5% downpayment.
Homebuyer 95 Program
Own a home with as little as 5% downpayment.