Portable Advantage

Portability Program

Portable Advantage™

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.

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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% for Purchase: 1-2 units
    • Purchase Price ≤ $500,000: Minimum 5% down payment required.
    • Purchase Price > $500,000 and < $1,000,000: Minimum 5% down payment required on the first $500,000 of the purchase price, plus an additional 10% down payment required on the portion of the purchase price above $500,000.]
  • 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.

Property Types

  • Maximum property value must be less than $1,000,000.
  • 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

  1. Blended Amortization Calculation:
  2. Lapsed-time Amortization Calculation:

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% 0.60% 0.60%
65.01%–75% 1.70% 5.90%
75.01%–80% 2.40% 6.05%
80.01%–85% 2.80% 6.20%
85.01%–90% 3.10% 6.25%
90.01%–95% 4.00% 6.30%
Flex 95 Advantage™ 4.50% 6.60%

NOTE: Mortgage Insurance premiums are non-refundable.

 

Last Updated: 03/17/2017