Thursday, September 27, 2012

Mortgage Insurance Providers In Canada: Genworth Financial

Canadian homeowners who opt for mortgage insurance or who have a high ratio mortgage that requires insurance have a few sources from which to choose. The first provider of mortgage insurance is the Canada Mortgage and Housing Corporation; the second option for mortgage insurance comes from a select number of private insurers that includes Genworth Financial Canada.

On top of providing mortgage default insurance, Genworth also offers two exclusive benefit programs to their mortgage insurance clients, called the Homebuyer Privileges Program and the Homeowner Assistance Program.

Homebuyer Privileges Program

If you have purchased Genworth mortgage insurance through a participating lender, you can take advantage of their Homebuyer Privileges Program. This unique plan makes it easier to afford common household needs and moving requirements, by offering online discounts for:

Moving services and truck rentals
Home renovation and improvement stores
Home furnishing and outfitting shops
Appliance manufacturers
Security and alarm systems
Home electronics like computers and entertainment systems

To provide these discounted goods and services, Genworth has partnered with major suppliers like:

General Electric
Home Depot
Penske Truck Rental
Barnes and Noble
Clubfurniture

The Homeowner Assistance Program from Genworth

Homeowners who have Genworth-insured mortgages are also entitled to take part in the Homeowner Assistance Program. This plan is designed to alleviate the stress of unexpected financial difficulties, and the dangers that temporary money troubles could pose to your mortgage payments. If you are temporarily having trouble making your mortgage payments because of unemployment, loss of income, illness, or disability, the assistance specialists at Genworth can help determine the best solution, so that you do not have to worry about losing your home.

Provided by the Homeowner Assistance Program

Homeowners facing tough financial times can use the Homeowner Assistance Evaluator, which is a short online quiz that will help determine if you are eligible for the assistance program, and which payment reorganization options might best suit your situation. Some of the more frequently used solutions include:

Deferring payments
Making partial payments through a shared payment plan
Lengthening amortization periods

Deferring payments is an option used by homeowners who have no money available for a short-term period; in this case, Genworth can reschedule the mortgage payments so they are due at a later date.

If you find you can make partial mortgage payments, Genworth can temporarily share the mortgage payments and pay the lender the difference, and in the future you will owe Genworth the balance.

Similarly, if reducing your regular payments would alleviate your financial stress, then you can increase your amortization period, and thereby decrease the monthly amount you owe on your mortgage.

Each solution offered by the Homeowner Assistance Program grants you the flexibility to reorganize your finances and keep your mortgage in good standing, so you will not lose your home because of temporary money troubles.

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