Today's Prime Rate: 3.00%
3 Year VRM: Prime - .70%
5 Year VRM: Prime - .65%
Open Variable: Prime + .80%
Chartered Bench Rate: 5.39%
TermOur Rate
6 Month Closed4.65%
1 Year Closed2.44%
2 Year Closed3.20%
3 Year Closed3.45%
4 Year Closed3.79%
5 Year Closed3.60%
6 Year Closed4.65%
7 Year Closed4.85%
10 Year Closed5.19%





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"I would like to thank Dan for the wonderful job he does. He never once kept me waiting which is rare these days. The work Dan did for us was greatly appreciated and done in our best interest. I would like to say that Dan will be the only broker we ever use. A job done this well should be shared with as many as possible. Great success in your business; you deserve it".

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Calgary, AB
Homebuyer 95 Program

The Genworth Homebuyer 95 program offers qualified Canadians an opportunity to own a home with as little as 5% down payment or refinance their existing home up to 95% LTV.


Acceptable loan purpose

  • Purchase transactions

  • Refinance


Loan-to-value ratio limits

  • 1 - 2 units: 95% LTV

  • 3 - 4 units: 90% LTV

Maximum Loan Amounts

  • No Maximum


Eligible properties

  • Maximum 4 units

  • New construction or existing properties

  • Property must meet the following criteria (3 & 4 units):

    • Municipal zoning

    • Fully self-contained units

    • Remaining property (economic) life must equal or exceed the amortization of the loan

    • Must be located in a major centre with a viable investor market


Terms/qualifying interest rates

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted

  • For terms less than three years, the qualifying interest rate is the greater of three-year posted rate or contract rate

  • For terms of three years or more, we use the contract rate


Amortization options:

  • LTV > 80%: Up to 35 years

  • LTV ≤ 80%: Up to 40 years


Premium rates*


LTV Ratio


Total Loan Amount


Top-up Portion

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.

* a 20 BPS premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period.

Borrower qualification

  • We apply existing requirements related to income, down payment and credit worthiness

  • Qualified home buyers can include gifted down payments from immediate family members, provided these are properly verified and non-repayable

  • Government grants may be considered if pre-approved by Genworth


For 3 & 4 Units

  • Borrowers must have clean credit, stable employment/income, down payment from own resources, positive net worth and liquid assets to cover 3 months payments.

  • If the down payment is a gift, we require an acceptable guarantor. A guarantor is also needed if there are significant variations from the qualification guidelines.

  •  

GDS/TDS Guidelines

Bureau Score

GDS

TDS

600+

35%

42%

Documentation requirements

  • Standard documentation requirements apply

  • Genworth may request that the lender provide a copy of the required documentation on a case-by-case basis


Portability

  • Mortgage default insurance is portable under this program

  • The premium will be calculated using the lesser of the Premium on the Total Loan Amount less applicable Premium Credit or the Premium on the Top-Up Portion

  • For complete details, please refer to Genworth'sPortability Feature Product Overview


Assumptions/Assignments

  • Mortgages issued under this product may be assumed

  • Insurance coverage will continue in the event of a sale of the mortgage to an investor provided servicing continues with a Genworth approved lender in compliance with Master Policy terms


Eligible Products

  • Cash-Out Refinance

  • Secondary Homes (Type A)

  • Insured Progress Advance (max 2 units)

  • Purchase Plus Improvements


Ineligible Products

  • Alt A

  • Cash-back Equity

  • New To Canada

  • Vacation homes (Type B)

  • Family Plan