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There are three different Canadian mortgage insurance providers:


Genworth Financial Canada

Canada Guaranty Mortgage Insurance Company

Canadian Mortgage Housing Corporation (CMHC)

Mortgage insurance protects the lender against payment default by the homebuyer. Most lenders require it if the homebuyer has less than 20 percent of the purchase price as a down payment.  By providing mortgage loan insurance to lenders, CMHC enables homebuyers to finance up to 95 percent of the purchase price of a home.

Over the years, CMHC mortgage insurance products have responded to the changing needs of Canadians.  CMHC introduced innovations such as purchasing a home with just five per cent down, financing renovations at the time of purchase and most recently the opportunity to refinance up to 95 per cent of the equity in the home, to provide homeowners with greater choice and home financing flexibilities.

CMHC led the market with the introduction of emili, CMHC's automated insurance risking systems, in 1996.  This on-line system makes the application process for mortgage loan insurance faster and the risk assessment of the application more precise.  Through innovations such as emili, and the experience we have gained through its use, CMHC is able to pass on the benefits to Canadians in the form of lower premiums, and make homeownership more affordable.
The following are the premiums:

Loan Amount as a % of value of the home

Premium on Increase to Loan Amount for Portability & Refinance

Standard Premium Self-Employed without 3rd party income Validation Standard Premium Self-Employed without 3rd party income Validation
Up to and including 65% 0.60% 0.90% 0.60% 1.75%
Up to and including 75% 0.75% 1.15% 2.60% 3.00%
Up to and including 80% 1.25% 1.90% 3.15% 4.45%
Up to and including 85% 1.80% 3.35% 4.00%* 6.35%*
Up to and including 90% 2.40% 5.45% 4.90%* 8.05%*
Up to and including 95% 3.60% n/a 4.90%* *
90.1% - 95% Non-Traditional Down Payment*** 3.85% N/A * N/A

Extended Amortization Surcharges

Add 0.25% for every 5 years of amortization beyond the 25 year mortgage amortization period (for LTV ≤ 80%).


For portability and refinance, the premium is the lesser of Premium on Increase to Loan Amount or the Premium on Total Loan Amount. In the case of portability, a premium credit may be available under certain conditions.


* Premiums shown with an “*” do not apply for refinance. For portability the maximum LTV ratio is 90%, but CMHC may consider higher LTV ratios when the new ratio is equal to or less than the original LTV. For portability, the premium is higher for non-traditional down payments on Increase to Loan Amount.


** For conversion from Self-Employed with traditional 3rd party income validation to Self- Employed without traditional 3rd party income validation, the premium is the lesser of: a) the Premium on Total Loan Amount or; b) the outstanding balance multiplied by a 1.75% premium plus the Premium on Increase to Loan Amount.


*** Down Payment Requirements — Traditional sources of down payment include: Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (<50% of min. required equity), and unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency). Non-traditional sources of down payment include: Any source that is arm’s length to and not tied to the purchase or sale of the property, such as borrowed funds, gifts, 100% sweat equity, lender cash back incentives.


Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax. The provincial sales tax cannot be added to the loan amount.


Provided by CMHC.

Visit the CMHC web site for more information: http://www.cmhc-schl.gc.ca/

Genworth Financial Canada

If you're purchasing a home and are borrowing more than 80% of the value of the property, the mortgage must be insured.  The insurance protects the lender against borrower default.  This enables you to purchase a home with as little as a 5% down payment.  Mortgage insurance is not life or disability insurance.

Who is Genworth Financial Canada?

Genworth Financial Canada together, with its related affiliates, is the largest private sector mortgage insurance company in the world and the only private sector supplier of mortgage insurance in Canada. Genworth works in partnership with lenders, mortgage brokers, real estate agents and builders to make housing more affordable to Canadians.  We combine our experience in mortgage default insurance with our strength in technology and our extraordinary commitment to quality to provide our customers with the level of service they expect.

Genworth offers a competitive choice of flexible mortgage default insurance products for the purchase, renovation or refinancing of homes across Canada. These include a portability feature, introduced to Canadians by Genworth.  We also work with lenders to provide homebuyer seminars and we offer a consultation service to lenders working with borrowers experiencing temporary difficulty in meeting their mortgage payment commitments.

Genworth understands the importance of fast, reliable processing of mortgage insurance applications.  GE Excel O, our fully automated delivery and decision system enables us to receive process and in many cases approve applications within minutes.

Genworth has been known for years as a name trusted for quality and dependability.

How Much Does Mortgage Insurance Cost?

There are two fees associated with mortgage insurance: For full details please click here for fees


Provided by Genworth Financial Canada

Visit the Genworth Financial Canada web site for more information: http://www.genworth.ca/content/genworth/ca/language.html

Canada Guaranty Mortgage Insurance Company

On April 16, 2010, a Canadian private investor group, comprised of the Ontario Teachers’ Pension Plan and National Mortgage Guaranty Holdings Inc., acquired AIG United Guaranty Mortgage Insurance Company Canada. This transaction created the only Canadian-owned private mortgage insurance company, known as Canada Guaranty Mortgage Insurance Company (“Canada Guaranty”).

The introduction of Canada Guaranty benefits lenders, mortgage professionals and consumers by fostering a competitive market dynamic and creating new choice among mortgage insurance providers. With a wide range of mortgage default insurance products for loans above 80% loan-to-value, as well as low loan-to-value products that assist our partners with capital and liquidity management, mortgage insurance from Canada Guaranty protects lenders and investors from losses related to borrower default and foreclosure.

Canada Guaranty’s vision to be the leading private mortgage insurer is built on the following pillars:

Financial Strength

As a Canadian-owned company, Canada Guaranty is supported by the leading financial strength, diversification and commitment of its ownership group.

Service Excellence

Our experienced team of professionals is dedicated, passionate and committed to delivering solutions and service excellence to our mortgage and lending partners throughout Canada

Visit the Canada Guaranty web site for more information: http://www.canadaguaranty.ca


Verico CML Canadian Mortgage Lender Inc.

o/a CML Canadian Mortgage Lender

2316 6 Street NE,

Calgary AB T2E 3Z1

Verico CML Canadian Mortgage Lender Inc.

o/a CML Canadian Mortgage Lender

Moose Jaw, SK

Saskatchewan Licence Number 315840


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