HomeOpeners®
OWNER-OCCUPIED REFINANCE PROGRAM - 1-4 UNITS
A suite of innovative products that makes home ownership more accessible than ever before.
Overview
Introduced to Canadians by Genworth Financial, borrowers can now take equity out of their
homes for a variety of purposes, including asset enhancement, debt consolidation, combining a
first and second mortgage, or renovations.
By using their home equity, borrowers can reduce overall carrying costs by taking advantage of the
low interest rates that mortgages can provide.
Highlights
• Up To 95% LTV
• Extended Amortizations
Available Up To 35 Years
• Fixed, Variable and
Adjustable Rate
Mortgages are Permitted
• Up To $200,000 Equity
Take-Out
With the Owner-Occupied Refinance
Program, borrowers can…
• Benefit from consolidating existing debt
into one manageable payment
• Enjoy the payment flexibility that comes
with an extended amortization
• Enjoy the convenience of one mortgage
with one monthly payment
• Take advantage of home equity to build
their investment portfolio, renovate their
existing home or consolidate existing debt
Owner-Occupied Refinance Product Features
A consumer
friendly
product
designed to
enhance
affordability& access to
home ownership
with minimal
down payment
* a .20% premium surcharge will be applied to the above premium rates for every 5 years
of amortization beyond the traditional 25-year mortgage amortization period
90.01 - 95% 2.75% 4.25%
85.01 - 90% 2.00% 4.25%
80.01 - 85% 1.75% 3.50%
75.01 - 80% 1.00% 2.75%
65.01 - 75% 0.65% 2.25%
up to 65% 0.50% 0.50%
Genworth Premium
Refinances are permitted on the following specialty products, please refer to the product HomeOpener for specific qualifying
criteria: Business For Self (Alt. A), Home Equity Line of Credit (HELOC), Investment Property Program, Secondary Homes (Type A),
CreditAssist
Loan Characteristic Program Guidelines
1 -2 Units
Loan Purpose • Refinance
Maximum LTV • 95% LTV
Equity Take-Out Limits • Up to 90% LTV: $200,000
• 90.01-95% LTV: $150,000
Amortization • Up to 35 Years
Rate Types • Fixed, Variable and Adjustable Rate Mortgages
Eligible Property Type • Maximum 2 units, where at least one unit is owner occupied
• Existing properties
Recommended Credit Profile • Up to 90% LTV: Recommended credit score of 600
• 90.01-95% LTV: Recommended credit score of 650
• No prior bankruptcy or judgments
GDS/TDS • < 679 Credit Score: 35% / 42% TDS
• 680+ Credit Score: No GDS / 44% TDS
Occupancy • Primary applicant(s) must occupy the property. Non-residing
applicants are permitted for qualification purposes provided they
are immediate family and on title to the property.
3-4 Units
Loan Purpose • Refinance
Maximum LTV • 90% LTV
Equity Take-Out Limits • Up to 90% LTV: $200,000
Amortization • Up to 35 Years
Rate Types • Fixed, Variable and Adjustable Rate Mortgages
Eligible Property Type • Maximum 4 units, where at least one unit is owner occupied
• Fully self-contained units
• Meets municipal zoning requirements
• Existing properties
Recommended Credit Profile • Up to 90% LTV: Recommended credit score of 600
• Borrowers must have clean credit, stable employment, positive
net worth and liquid assets to covers 3 months payments
• No prior bankruptcy or judgments
GDS/TDS • < 679 Credit Score: No GDS / 42% TDS
• 680+ Credit Score: No GDS / 44% TDS
Occupancy • Primary applicant(s) must occupy the property. Non-residing
applicants are permitted for qualification purposes provided they
are immediate family and on title to the property.
This article was developed by and courtesy of Genworth Financial Canada.
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