If you’re exploring mortgage options in Canada, you’ve likely come across the name Genworth Canada. But what exactly is Genworth, and why is it important for your mortgage application? Understanding Genworth’s role can help you navigate the mortgage process with confidence and secure the best possible financing.
What Is Genworth Canada?
Why It Matters for Your Mortgage Approval
In Canada, if your down payment is less than 20% of the home’s purchase price, your mortgage is considered high-ratio. In such cases, lenders require mortgage default insurance, often provided by companies like Genworth Canada (now part of Sagen MI Canada).
Mortgage insurance protects the lender — not you — which means you can buy a home sooner, even if you don’t have a large down payment. The insurance premium is typically added to your mortgage amount or paid upfront
How Does Genworth Impact Your Mortgage?
Enables Lower Down Payments
With Genworth mortgage insurance, you can secure a mortgage with as little as 5% down.Low interest rates – much lower than credit cards or personal loans
Access to Better Rates:
HELOCs offer significantly lower interest rates than credit cards or personal loans, making them ideal for consolidating high-interest debt into one manageable payment.
Required for High-Ratio Mortgages:
Without Genworth or CMHC, many lenders won’t approve your mortgage.
Flexible Options: CMHC or Genworth insurance applies to various mortgage types — fixed, variable, and even refinancing
“Not Sure Where to Start? Let’s Talk.”
The Mortgage Market Moves Fast — Stay One Step Ahead.”
You’ve worked hard to build equity in your home — now let your home work for you. Whether you’re planning a renovation, paying off high-interest debt, helping your family, or investing in your future, a Home Equity Line of Credit (HELOC) gives you flexible, affordable access to the funds you need. At InBudget Mortgage, we make it simple, stress-free, and tailored to your goals. Don’t let your home’s value sit idle — book your free consultation today and discover how to turn equity into opportunity.