Making Homeownership Easier

Genworth's online resource,, helps Canadians build their knowledge of the homebuying process and make their homeownership experience an informed and responsible one. Our intention is to educate and provide useful information to consumers, homeowners and future first-time homebuyers. We believe it's essential that Canadians have all the information they need to make informed decisions about homeownership, which for many is the most important investment of their lifetime.

What is Mortgage Default Insurance?

Mortgage Default Insurance is a great way for homebuyers to achieve the dream of home ownership without a large down payment.

There are two types of mortgage options: conventional mortgages which require a minimum 20% down payment and high ratio mortgages which are designed for people who do not have the 20% down payment. High ratio mortgages require mortgage default insurance. This insurance provides the lender with the flexibility to offer homebuyers the same competitive interest rates available to those with a larger down payment. This insurance should not be mistaken for Mortgage Life Insurance which protects the homeowner in the event of death, sickness, unemployment or disability.