PORTABLE ADVANTAGE™

PORTABILITY PROGRAMS

Canada Guaranty helps take the worry out of moving with the Borrower Loyalty Credit offered through the Portable Advantage. Borrowers with a Canada Guaranty-insured mortgage may now qualify for a premium credit when porting their mortgage within the first two years – yet another example of how Canada Guaranty is taking mortgage insurance and making it better.

download PORTABLE ADVANTAGE™ Product Sheet

Portability Options

Straight Port:

Funds: No new funds required.
LTV: Cannot exceed the LTV of the original loan.
Amortization: Amortization cannot exceed the remaining amortization on the original loan.
Required Documentation: Standard documentation required.
Insurance Premium: No new premiums required.

Port with Increase:

Funds: New funds required.
95% LTV: 1-2 Units
90% LTV: 3-4 Units
Amortization: Maximum amortization will be the greater of the blended or the lapsed-time amortization calculations.
Required Documentation: standard documentation required.
Insurance Premium: based on the lesser of the single premium on the total loan amount or the top-up premium on the new funds.

Transaction Types

Purchase transactions.

Credit Score Requirements

Minimum 620 credit score for Port with Increase.

Property Types

Maximum 4 units, with 1 unit owner-occupied.
Resale or new construction (single advance).

Borrower Qualifications

Original mortgage must have been insured by Canada Guaranty.
Borrower requalification required for all portability options.
Canada Guaranty standard guidelines apply.
Existing mortgage is under satisfactory repayment for the past 6 months.
Where more than one borrower is involved, at least one of the borrowers must have been identified on the original application as a mortgagor and must remain on title.

Amortization Calculations

Blended Amortization Calculation:
Lapsed-time Amortization Calculation:

NOTE: A 20 bps incremental premium surcharge is applied for each additional 5 years beyond the standard 25 years.

Borrower Loyalty Credit

Existing Canada Guaranty-insured borrowers will be eligible for a premium credit applied to the premium paid on the original Canada Guaranty-insured loan within 24 months.

Time from Original Closing Date & Percentage Credit of Original Premium Paid:

Within 6 months: 100%
Within 12 months: 50%
Within 24 months: 25%

Conditions:

Port for Purchase transactions only.
Full premium must have been paid on the original Canada Guaranty-insured mortgage.
Loyalty credit deducted from the full premium on the new mortgage request.

NOTE: All Canada Guaranty mortgages continue to be portable beyond the 24-month term of the Borrower Loyalty Credit.

Applicable Premiums

Loan-to-Value Ratio	Single Premium	Top-Up Premium
≤ 65%	0.50%	0.50%
65.01%–75%	0.65%	2.25%
75.01%–80%	1.00%	2.75%
80.01%–85%	1.75%	3.50%
85.01%–90%	2.00%	4.25%
90.01%–95%	2.75%	4.25%
Flex 95 Advantage™	2.90%	4.25%

NOTE: Mortgage Insurance premiums are non-refundable.

Last Updated: 03/18/2011

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PORTABILITY PROGRAMS