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What is Mortgage Default Insurance?  Commonly known as "CMHC"

Mortgage Default Insurance is designed to help homeowners in need, during temporary financial difficulties, caused by an unexpected life event

There are currently 3 companies who offer mortgage default insurance

     CMHC (Canada Mortgage and Housing Corporation)

     Genworth Canada

     Canada Guaranty

 

What is the purpose of mortgage default insurance?

     Designed to keep the homeowner secure in their home during an unexpected life event, such as Job Loss, Reduced Income, Sever Illness, Marital Separation etc

 

What is the cost of mortgage default insurance?

     The cost is based on a percentage of the mortgage amount.  For instance a buyer with 20% down may be as low as 1.25%.  This amount is then added into the mortgage and paid monthly, it is generally not an upfront cost.  It may be 10-30$ a month, as an example.

 

If you need help, when should you contact them?

     As soon as you realize there is trouble ahead, you should contact your Mortgage Broker, Lender, or Mortgage Default Insurance provider.  Don't wait till it's too late!  Unsure if you should contact them?  Here is a tool to help you decide   CLICK HERE

 

What happens next?

     Your mortgage default insurance provider will assess the situation, and try to find a resolution, such as capitalizing arrears (adding them to the mortgage balance), increasing the amortization, working together on a shared payment plan, deferring payments, or restructuring the mortgage.

 

 

Here are some examples of how Genworth has helped homeowners

Young family who found black mould in their home, and were able to have the cost of removal added into the mortgage

A homeowner who went through family and health problems

genworth mould genworth health

Homeowners who had an accident

Homeowner who went through divorce

genworth accident genworth divorce

Do any of these situations look like yours?

Whether you have perfect credit, or have serious credit issues, we can help.

 

Let's Begin by filling out our Mortgage Application or Contact Us Form

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Copyright 2015 - Chris Friesen

Winnipeg, Manitoba