Cash-Out Refinance Program

• Product Overviews
• Business For Self (Alt. A)
• Cashback Equity Program
• Cash-Out Refinance Program
• Family Plan Program
• Homebuyer 95 Program
• Progress Advance Program
• New To Canada Program
• Second Mortgage Program
• Vacation/Secondary Homes Program

Acceptable loan purpose

• Refinance transactions for repayment of existing financing, debt consolidation, renovation and asset enhancement
• Renovation loans with multiple advances are acceptable; up to four advances managed by lender or by Genworth if improvements exceed $40,000 or 20% of initial value.

Equity removal limits

• We limit equity removal to $200,000 (except when the loan purpose is to consolidate 
  existing first and second mortgages, in which case the maximum LTV ratios will apply)  

Loan-to-value ratio limits

• 1 - 4 units: 90% LTV
• Secondary Homes: 90% LTV

Maximum Loan Amounts

• No Maximum Loan Amount

Eligible properties

• Owner Occupied:
  • Maximum four units with at least one unit occupied as the principal residence
  • Existing properties (not for new construction)
• Secondary Homes:
  • Maximum 2 units
  • Maximum 90% LTV

Terms

• Fixed, standard variable, capped variable and adjustable rate mortgages are permitted

Amortization options

• LTV > 80%: Up to 35 years
• LTV ≤ 80%: Up to 40 years
• If a full premium is paid on the entire mortgage the amortization can be up to 35 years (i.e., currently uninsured conventional mortgages)
• Home owner can keep the same amortization remaining on the existing mortgage
• Blended amortization (based on a weighted average of the original mortgage amortization and up to 35 years for the increased mortgage amount). Use our Refinancing calculator to find out more about blended amortization

Premium rates*

• The new premium payable will be the lesser of the premium as a % of the total new loan amount or the premium as a % of the top-up portion from the current loan amount

There is no premium surcharge for a blended amortization.

* 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

Borrower qualification

• No prior bankruptcy or judgements
• No R3's in the past 24 months
• Mortgage is assumable  
• Non-residing guarantors are not permitted. Non-residing co-borrowers are acceptable (must be an immediate family member and on title).
• All other existing requirements related to income and credit worthiness apply
• GDS/TDS Guidelines: 
  
  

  Credit Score	GDS	TDS
  <680	35%	42%
  680+	No limit	44%

Documentation/information requirements

• Employment and income verification required upon request
• To improve turn-around time please include the following in the comments section:
  1. Existing Genworth reference number (if applicable)
  2. Amount of new money being advanced
  3. Outstanding balance of existing mortgage

Portability

• Our mortgage default insurance is portable, so buyers can take advantage of a lender's portability plan. Refer to Portability Feature Product Overview for further details.

Assumptions/Assignments

• Mortgage is assumable subject to meeting lender guidelines.

Eligible Products **

• Alt A
• Secondary homes (Type A)
• Second Mortgages

** For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview

Ineligible Products

• Cashback Equity
• Homebuyer 95
• Family Plan
• Insured Progress Advance
• New To Canada
• Purchase Plus
• Vacation homes (Type B)

The insurance premium is paid once at the time of closing . The insurance premium is not refundable and may be added onto the mortgage