At Genworth Canada, we know that today's busy lifestyle requires more home ownership options - whether it's a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways. With our Vacation/Secondary Homes Program, Canadians can now purchase a second home with an affordable monthly payment with 5% down payment.
- The 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 on the additional loan amount (if existing insured) based on the rates below
- If porting the insurance premium from a Type A property to a Type B property, the difference in premium is 0.85%. This difference is charged on the mortgage balance being ported, in addition to the top-up premium on the additional loan amount.
||Type A properties
||Type B properties
|Up to 65%
|65.01% - 75%
|75.01% - 80%
|80.01% - 85%
|85.01% - 90%
|90.01% - 95%
LTV ≤ 80% (Type A properties) - A .25% premium surcharge will be applied for every 5 years of amortization beyond the traditional 25-year mortgage amortization period
Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage
Documentation / Information Requirements:
- Standard documentation requirements apply
- Genworth Canada may request that the lender provide a copy of the required documentation on a case-by-case basis
Property Type Requirements:
Secondary Homes (Type A):
- Foundation must be permanent and installed beyond the frost line. This includes concrete/concrete block or preserved wood foundations certified by a professional engineer or post/pier foundations on solid bedrock.
- Must be zoned and used as residential, rural or seasonal. We do not accept mixed uses or rental pooling.
- Freehold or condominium title. We do not accept co-ops or ¼ interest ownership.
- At minimum, property must have a kitchen, 3-piece bathroom, bedroom, and common area
- Remaining economic life must be 25 years
- Year-round road access on reasonable quality public roads, serviced by the local municipality. We also allow privately serviced roads, provided there is a maintenance contract in place.
- Property must be winterized with a permanent heat source. For example, heating can be baseboard, forced air, water radiator, radiant, coal, propane, geothermal heat pumps, or heat pumps.
- Good quality construction with no signs of deferred maintenance
- Water source: well, municipal serviced, and cistern. Water source must be drinkable. We accept lake or river water, provided the property has its own filtration system. For example, a reverse osmosis system.
- There must be good market appeal in the area with no adverse influences/neighbourhood nuisances
Vacation Homes (Type B):
All Type A property requirements apply to Type B, except for the following:
- No permanent heat source is required. For example, a wood stove, fireplace, stove or heat blower is acceptable.
- Foundation may be floating. For example, sitting on blocks.
- Seasonal road use is acceptable. This means the road does not have to be plowed during the winter.
- Water source needn't be drinkable. However, there must be running water in the home.
- Boat access only accepted