Canada Guaranty Mortgage Insurance Benefits

Archive for 2011

Canada Guaranty Mortgage Insurance Now Available through BMO Bank of Montreal

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TORONTO (June 7, 2011) – Canada Guaranty announced today that its leading suite of mortgage default insurance products and services will now be available to BMO Bank of Montreal customers, offering Canadians greater access to a variety of mortgage insurance solutions. The announcement further underscores Canada Guaranty’s dedication to providing value-added solutions to meet the diverse needs of homebuyers across the country.

“We are delighted to have the opportunity to work with the BMO Bank of Montreal team and to demonstrate the advantages of increased competition by offering improved choice among mortgage default insurance providers,” said Andy Charles, President and CEO of Canada Guaranty.

“Whether it’s choosing a shorter amortization or an eco-friendly home, at BMO, our goal is to ensure our customers have the products, tools and advice needed to make responsible home financing decisions, and providing access to Canada Guaranty’s services underscores this commitment,” said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal.

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For more information, please contact:

Maria Pimenta 
Senior Vice-President, Sales & Marketing
Canada Guaranty Mortgage Insurance Company
416.640.8937 | maria.pimenta@canadaguaranty.ca

Canada Guaranty Guidelines to Reflect New Mortgage Insurance Parameters

Consistent with the new mortgage insurance parameters announced by the Government of Canada on January 17, Canada Guaranty will implement the following product and guideline changes effective March 18, 2011.  

  • Maximum Amortization Reduced to 30 years
    Mortgage loans greater than 80% loan-to-value will be subject to a maximum amortization of 30 years (previously 35 years). 
     
  • Refinance Advantage™ Reduced to 85% LTV
    Canada Guaranty’s Refinance Advantage™ product will have a maximum loan-to-value of 85% (previously 90% LTV).

NOTE: Mortgage applications submitted prior to this effective date will be subject to the current insurance parameters. Exceptions will be considered for borrowers who have provided a legally binding purchase and sale, financing or refinance agreement dated prior to March 18, 2011.  

Should you have any questions regarding the new mortgage insurance guarantee parameters or how they will affect Canada Guaranty’s specific product guidelines, please contact your dedicated Account Executive or speak with a member of our National Underwriting Team at 1.877.244.8422.


Maria Pimenta 
Senior Vice-President, Sales & Marketing
Canada Guaranty Mortgage Insurance Company
Phone: 416.640.8937 | maria.pimenta@canadaguaranty.ca







































































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