Canada Guaranty Guidelines to Reflect New Mortgage Insurance Parameters
February 14, 2011 | News Releases
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.
Senior Vice-President, Sales & Marketing
Canada Guaranty Mortgage Insurance Company
Phone: 416.640.8937 | email@example.com