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Premiums

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For your reference, here is a quick guide to Genworth's Premium Rates.

 

Standard Premium Rate ChartIncludes the following products**
LTVPremium Rate*Top-up Premium*
  • Homebuyer 95
  • Cash-Out Refinance (max. 85% LTV)
  • Cashback Equity Owner-Occupancy
  • Family Plan
  • Insured Progress Advance
  • New to Canada
  • Secondary Homes (Type A)
  • Purchase Plus Improvements

** For specific underwriting guidelines related to the above products, please refer to the applicable product overview.
** For Cashback Equity Program the standard premium rate is 2.90% and the premium for portability/top-up is 4.25%

Up to 65.00%0.50%0.50%
65.01 - 75.00%0.65%2.25%
75.01 - 80.00%1.00%2.75%
80.01 - 85.00%1.75%3.50%
85.01 - 90.00%2.00%4.25%
90.01 - 95.00%2.75%4.25%
* A .20% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25 - year mortgage amortization period

 

Business for Self (Alt. A)
LTVPurchase Premium Rate*Refinance Premium Rate*Top-up Premium*
Up to 65.00%0.80%0.80%1.50%
65.01 - 75.00%1.00%1.00%2.60%
75.01 - 80.00%1.64%1.64%3.85%
80.01 - 85.00%2.90%2.90%5.50%
85.01 - 90.00%4.75%N/A7.00%
* a .20% premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

 

Vacation Homes (Type B)
LTVPremium RateTop-up Premium
Up to 65.00%1.25%1.25%
65.01 - 75.00%1.40%3.00%
75.01 - 80.00%1.75%3.50%
80.01 - 85.00%2.50%4.25%
85.01 - 90.00%2.75%5.00%

 

Second Mortgages
LTVCombined 1st & 2nd Loan Amounts2nd Mortgage Loan Amount
Up to 65.00%0.50%0.50%
65.01 - 75.00%0.65%2.25%
75.01 - 80.00%1.00%2.75%
80.01 - 85.00%1.75%3.50%
85.01 - 90.00%2.00%4.25%
90.01 - 95.00%2.75%4.25%
The premium payable will be the lesser of the premium as a % of the combined 1st and 2nd mortgage loans, or the top-up premium as a % of the 2nd loan amount only

 

Extended Amortization Surcharge
AmortizationSurcharge
25.01 - 30 Years0.20%

 

The insurance premium is paid once at the time of closing (except for Progress Advances where the premium is paid in installments during the construction phase with the final installment paid when the home is completed). The insurance premium is not refundable and may be added onto the mortgage or paid in cash.

To calculate the premium, multiply the mortgage amount by the premium rate.