Canadian Mortgage Insurance

Mortgage Insurance is an insurance that protects the mortgage lenders in case there is a default in mortgage from the mortgagor. In Canada, the lenders are willing to make mortgage loans with a down payment smaller than 20% or in other words one has to get mortgage insurance if one is taking a loan of greater than 80% of the property value.

In Canada there are three main companies offering this kind of insurance:

• CMHC
• Genworth
• Canada Guaranty Mortgage Insurance

CMHC

Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. Established as a government-owned corporation in 1946 to address Canada's post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada's premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research.

Genworth

Genworth Financial Canada is the leading private sector supplier of mortgage default insurance in Canada. Genworth makes homeownership more accessible throughout Canada. Genworth combines global experience in mortgage insurance for first time home buyers with technological and service leadership to deliver innovation to the mortgage marketplace.

Canada Guaranty Mortgage Insurance Company

On April 16, 2010, a Canadian private investor group, comprised of the Ontario TeachersÕ 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 will benefit 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.

They all have almost similar insurance products and also offer unique products for self employed people.

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