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GE INSURANCE

SOURCE: This page content courtesy Genworth, GE Capital Mortgage Insurance.

 
 

What is Mortgage Insurance

If you're purchasing a home and are borrowing more than 75% 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 GE Mortgage Insurance Canada

GE 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.

GE 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.

GE 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 GE. 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.

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

GE 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.

Underwriting Fee:

The underwriting fee is the cost associated with underwriting the mortgage insurance application. Fees vary depending upon the work involved in underwriting the mortgage, however you can expect to pay between $75 and $165.

Premium:

The insurance premium is paid once, at the time of closing, and may be added onto the mortgage or paid separately. The premium rate varies from 0.50% to 3.25% of the mortgage amount depending on the size of your down payment. To calculate the premium, multiply the mortgage amount by the premium rate.

Premium Rates:

 

Loan to Value Ratio Fixed Rate and Capped Variable Rate Non-capped Variable Rate
Up to 65.00% 0.50% 0.75%
65.01 - 75.00% 0.65% 0.90%
75.01 - 80.00% 1.00% 1.25%
80.01 - 85.00% 1.75% 2.00%
85.01 - 90.00% 2.00% 2.25%
90.01 - 95.00% 3.25%  
Premium is non-refundable.

 

SOURCE: This page content courtesy GE Capital Mortgage Insurance.

WebSite: www.gecanada.com