HomeOpeners®
30 & 35-YEAR AMORTIZATION
MORTGAGE INSURANCE PROGRAM
A suite of innovative products that makes home ownership more accessible than ever before by extending their mortgage amortization up to 35 years.
Overview
The Genworth 30 & 35-Year Amortization Mortgage Insurance Program brings the dream of
home ownership much closer for thousands of Canadians. It is a direct response to the significant rise in real estate prices and interest rates, and enables buyers to reduce their monthly payments.
30 & 35-Year Amortization Mortgage
Insurance Program features:
• Opportunity: provide your customers the ability to
get into home ownership sooner
• High-ratio: up to 100% financing for purchase and
up to 95% for refinancing
• Affordable: reduce your monthly mortgage
payment
• Flexible: amortization options from 25 to
35 years
• Portable: insurance can be applied to a
new loan
• Premium surcharge:
20 bps for 25.01 – 30 years
40 bps for 30.01 – 35 years
Eligible Products
• Purchase
• Purchase Plus
Improvements
• Progress Advance
• Cashback Equity
• Refinance
• New to CanadaTM
• Family Plan
• Homebuyer 100
• Alt. A Business for Self
• CreditAssistTM
• HELOC
• Secondary Home (Type A)
• Investment Properties
30 & 35-Year Amortization Product Features
Genworth Premium
Loan-to-Value 30-Year
Amortization 35-Year Amortization
97.01% - 100% 3.30% 3.50%
90.01% - 95% 2.95% 3.15%
85.01% - 90% 2.20% 2.40%
80.01% - 85% 1.95% 2.15%
75.01% - 80% 1.20% 1.40%
65.01% - 75% 0.85% 1.05%
<65% 0.70% 0.90%
Loan Characteristic Program Guidelines
Amortization 25.01 to 35 Years available
Loan Purpose Purchase or refinance
Maximum LTV 1 & 2 Units Purchase ~ 100% LTV
1 & 2 Units Refinance ~ 95% LTV
3 & 4 Units Purchase & Refinance ~ 90% LTV
Eligible Property Type New or Existing
Maximum 4 units, where at least one unit is owner occupied
GDS / TDS 680+ Bureau Score - GDS: no limit / TDS: 44%
Up to 679 Bureau Score - GDS: 35% / TDS: 42%
Rate Types Fixed, Capped Variable, Variable & Adjustable
Rate Mortgages permitted
Borrower Qualifi cations Existing requirements related to income, down payment,
& credit worthiness apply
No minimum credit bureau score required
Portability Standard portability rules apply
Ineligible Loan Types • Second Mortgages • Vacation Homes (Type B)
Refinance Criteria
• Refinance without increasing monthly payment
• Help take the worry out of rising interest rates
Maximum LTV: 95%
Equity Takeout Limit Up to 90% LTV: $200,000
90.01 - 95% LTV: $150,000
Refinance Purpose:
• Debt consolidation
• Asset enhancement
• Renovation
• Repayment of existing mortgage
financing
This article was developed by and courtesy of Genworth Financial Canada.
Nick Dimulkas, AMP
BMO Mortgage Specialist
BMO Bank of Montreal
Phone: (416) 590-7933
Cell: (416) 258-0156
Fax: (416) 590-8940
Email: nick.dimulkas@bmo.com
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