Most lenders have a portability feature, which allows you to transfer your original mortgage to a new property, preserving a low interest rate and saving the cost of setting up a new mortgage. If you decide to port your mortgage to a new home and your mortgage is insured by Genworth Canada, the mortgage insurance can also be ported. This reduces future insurance premiums.

This product allows borrowers with a Genworth-insured mortgage to save on the costs associated with a new mortgage by taking advantage of the Lender’s mortgage portability plan and “port” the mortgage default insurance as well.

Acceptable Loan Purpose and Applicable Loan-to-Value Limits

Purchase transactions:

  • 95% LTV
    • Property value ≤ $500,000 - 5% down payment required
    • Property value > $500,000 and < $1,000,000 - 5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000

Time Period

  • Insurance may be ported to a new property for up to a maximum or six (6) months after the closing date of the currently insured mortgaged property.

Amortization Options

  1. Straight port: amortization of the new loan cannot exceed that remaining on the original loan
  2. Port/Top-Up with increased loan amount or increased LTV ratio:

Maximum amortization will be the greater of using the following blended amortization formula:

A. Blended Amortization

(Outstanding Balance x Remaining Amortization) + (New Funds x New Amortization)
÷ (Outstanding Balance + New Funds)

B. Lapsed Time Calculation

Amortization on new mortgage - Amortization elapsed
on the original mortgage

Premium Rate:

  1. Straight port: no new premium is payable
  2. The premium to be paid is the lesser of:
    1. Full Premium Calculation: Full premium rate on total loan amount less applicable premium credit
    2. Top-Up Premium Calculation: Top-up premium rate on new funds
LTV Ratio Premium Rate Top-Up Premium
Up to 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%

For specialty products, please refer to the applicable Product Overview for premium rates.

The mortgage insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage.

Premium Credit:

  • Applicable for purchase applications where full premium was paid on the original mortgage
  • Premium credit will be applied to the full premium on the new mortgage as per the table below:
From original closing date Of original premium paid
Within 6 months 100%
Within 12 months 50%
Within 24 months 25%

Borrower Qualification

  • Original mortgage must have been insured by Genworth Canada and be up to date.
  • Borrower and property reassessment is required. Existing requirements related to income, down payment and credit worthiness apply.
  • 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 remain on title
  • Complete borrower re-qualification is required when the borrower increases the loan amount or the LTV ratio.

Documentation / Information Requirements:

  1. Straight port: Offer to Purchase
  2. Port with increased loan amount and / or LTV ratio: standard documentation requirements