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Genworth Financial Canada Making Homeownership More Affordable For Canadians with 40-year Amortization
TORONTO, Oct. 10 / - Genworth Financial Canada, The Homeownership
Company, will now offer insurance on mortgages that are amortized over 40
years.
The extended mortgage period reduces a borrower's monthly payment,
enabling more buyers to afford a home of their own and increasing the choices
available to them. For example, buyers could save as much as 0 per month on
a 0,000 loan at 6 per cent interest, to ,090 from ,280 on a 25-year
mortgage.
"As home prices continue to escalate, there is the need for more flexible
payment options to make the dream of homeownership a reality for more
Canadians," said Peter Vukanovich, president of Genworth Financial Canada.
"Genworth is committed to providing innovative and responsible products to
help Canadians become homeowners sooner."
The new 40-year amortization option is designed to give homebuyers the
flexibility of reducing their monthly mortgage payments for the initial years
of homeownership. The homebuyer can reduce the number of years it takes to pay
off their mortgage by utilizing the full range of available prepayment
options.
Genworth makes low down payment loans possible by protecting mortgage
lenders against the risk of borrower default. Insurance for loans under the
new 40-year mortgage amortization program will include a 0.20% premium
surcharge for every five years of amortization beyond the traditional 25-year
mortgage period. Standard borrower requirements related to income, down
payment and credit worthiness apply.
Genworth will offer the extended amortization feature on selected
insurance products. See your mortgage professional about which products
qualify or visit Genworth's website at www.genworth.ca
About Genworth Financial Canada:
Genworth Financial Canada, the Homeownership Company, works with lenders,
mortgage brokers, real estate agents and builders to make homeownership more
affordable and accessible throughout Canada. The company combines global
experience in mortgage insurance with technological and service leadership to
deliver innovation to the mortgage marketplace.
Additional information about Genworth Financial Canada is available at
www.genworth.ca or through mortgage lenders.
About Genworth Financial
Genworth is a leading insurance holding company, serving the lifestyle
protection, retirement income, investment and mortgage insurance needs of more
than 15 million customers, and has operations in 24 countries. For more
information, visit www.genworth.com.
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