Mortgage Insurance

When you're buying a new house or condo, it can take time before you find the place you can call home. When you find it and you get your keys - it'll be worth the wait. As you begin making choices about your new home, from finding the best mortgage rates to choosing your colour scheme, appliances and furniture, it's good to know you also have choices when it comes to protecting your mortgage and your family's finances from the unexpected.


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, Life Tides Financial Inc. enables homebuyers to finance up to 95 percent of the purchase price of a home.

Over the years, Life Tides Financial Inc. mortgage insurance products have responded to the changing needs of Canadians.  Life Tides Financial Inc. 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.

Life Tides Financial Inc. led the market with the introduction of emili, Life Tides Financial Inc.'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, Life Tides Financial Inc. is able to pass on the benefits to Canadians in the form of lower premiums, and make homeownership more affordable.

Genworth Financial Mortgage Insurance

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.

What is Genworth Mortgage Insurance Canada?

Genworth Mortgage Insurance 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: the underwriting fee
and the premium.

Loan Amount as a % of value of the home Premium on total loan
Up to and including 65% 0.50%
Up to and including 75% 0.75%
Up to and including 80% 1.25%
Up to and including 85% 2.00%
Up to and including 90% 2.50%
Up to and including 95% 2.75%

Provided by Genworth Financial Canada

Visit the Genworth Canada web site for more information:

Canada Guarantee Mortgage Insurance

Since entering the market in 2010, Canada Guaranty has successfully established a number of strong relationships and continues to build new partnerships throughout the industry. As the only 100% Canadian-owned private mortgage insurer, supported by the financial strength of our ownership team, we are committed to delivering service excellence and improved solutions to support you and your borrowers.