|
Premiums
For your reference, here is a
quick guide to Genworth's Premium Rates.
|
Standard Premium Rate Chart |
Includes the following products** |
|
LTV |
Premium Rate* |
Top-up Premium* |
·First Mortgage Owner-Occupancy 1 & 2 Units
·First Mortgage Owner-Occupancy 3 & 4 Units
·Cash-Out Refinance
·Cashback Equity Owner-Occupancy
·Family Plan
·Insured Progress Advance
·Homebuyer 100
·Homebuyer 97
·New to Canada
·Secondary Homes (Type A)
·Purchase Plus Improvements
** For specific underwriting guidelines related to the above products,
please refer to the applicable product overview. |
|
Up to 65.00% |
0.50% |
0.50% |
|
65.01 - 75.00% |
0.65% |
2.25% |
|
75.01 - 80.00% |
1.00% |
2.75% |
|
80.01 - 85.00% |
1.75% |
3.50% |
|
85.01 - 90.00% |
2.00% |
4.25% |
|
90.01 - 95.00% |
2.75% |
4.25% |
|
95% LTV Cashback |
2.90% |
4.40% |
|
95.01 - 97% |
2.90% |
4.80% |
|
97.01 - 100% |
3.10% |
4.80% |
| * A
.20% premium surcharge will be applied for every 5 years of
amortization beyond the traditional 25 - year mortgage amortization
period |
|
Home Equity Line of Credit (HELOC) |
|
LTV |
5-Year Premium Rate* |
5-Year Top-up Premium* |
10-Year Premium Rate* |
10-Year Top-up Premium* |
|
Up to 65.00% |
0.75% |
0.75% |
1.00% |
1.00% |
|
65.01 - 75.00% |
0.90% |
2.50% |
1.15% |
2.75% |
|
75.01 - 80.00% |
1.25% |
3.00% |
1.50% |
3.25% |
|
80.01 - 85.00% |
2.00% |
3.75% |
2.25% |
4.00% |
|
85.01 - 90.00% |
2.25% |
4.50% |
2.50% |
4.75% |
|
90.01 - 95.00% |
3.00% |
4.50% |
3.25% |
4.75% |
|
* A .20% premium surcharge will be applied for
every 5 years of amortization beyond the traditional 25 - year
mortgage amortization period |
|
Business for Self (Alt. A) |
|
LTV |
Purchase Premium Rate* |
Refinance Premium Rate* |
Top-up Premium* |
|
Up to 65.00% |
0.80% |
0.80% |
1.50% |
|
65.01 - 75.00% |
1.00% |
1.00% |
2.60% |
|
75.01 - 80.00% |
1.64% |
1.64% |
3.85% |
|
80.01 - 85.00% |
2.90% |
2.90% |
5.50% |
|
85.01 - 90.00% |
4.75% |
4.75% |
7.00% |
|
90.01 - 95.00% |
6.00% |
N/A |
8.50% |
| * 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 |
|
Investment Property Program |
|
LTV |
Premium Rate* |
Top-up Premium* |
|
Up to 65.00% |
1.25% |
2.75% |
|
65.01 - 75.00% |
1.75% |
3.00% |
|
75.01 - 80.00% |
2.50% |
3.75% |
|
80.01 - 85.00% |
3.50% |
5.00% |
|
85.01 - 90.00% |
4.75% |
6.25% |
| * 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 |
|
Vacation Homes (Type B) |
|
LTV |
Premium Rate |
Top-up Premium |
|
Up to 65.00% |
1.25% |
1.25% |
|
65.01 - 75.00% |
1.40% |
3.00% |
|
75.01 - 80.00% |
1.75% |
3.50% |
|
80.01 - 85.00% |
2.50% |
4.25% |
|
85.01 - 90.00% |
2.75% |
5.00% |
|
CreditAssist Insurance Program |
|
LTV |
Premium Rate* |
Top-up Premium* |
|
Up to 65.00% |
1.90% |
3.75% |
|
65.01 - 75.00% |
2.10% |
4.25% |
|
75.01 - 80.00% |
2.50% |
5.20% |
|
80.01 - 85.00% |
3.50% |
6.90% |
|
85.01 - 90.00% |
4.75% |
9.35% |
|
90.01 - 95.00% |
6.50% |
10.50% |
| * 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 |
|
Second Mortgages |
|
LTV |
Combined 1st & 2nd Loan Amounts |
2nd Mortgage Loan Amount |
|
Up to 65.00% |
0.50% |
0.50% |
|
65.01 - 75.00% |
0.65% |
2.25% |
|
75.01 - 80.00% |
1.00% |
2.75% |
|
80.01 - 85.00% |
1.75% |
3.50% |
|
85.01 - 90.00% |
2.00% |
4.25% |
| The
premium payable will be the lesser of the premium as a % of the
combined 1st and 2nd mortgage loans, or the top-up premium as a % of
the 2nd loan amount only |
|
Extended Amortization Surcharge |
|
Amortization |
Surcharge |
|
25.01 - 30 Years |
0.20% |
|
30.01 - 35 Years |
0.40% |
|
35.01 - 40 Years |
0.60% |
The insurance premium is paid once
at the time of closing (except for Progress Advances where the premium is
paid in installments during the construction phase with the final
installment paid when the home is completed). The insurance premium is not
refundable and may be added onto the mortgage or paid in cash.
To calculate the premium, multiply
the mortgage amount by the premium rate.
Refinancing
|
Renewal
|
Bankruptcies |
Bad
Credit
|
Genworth
|
CMHC
|
Equity
|
First Time Home Buyers
|
Open Versus Closed|
|
