CMHC is an acronym for the Canada Mortgage and Housing Corporation-a government run mortgage company that insures your bank against a possible default on your mortgage. The irony of this of course is that the insurance is for the bank, but yet you pay for it. I think it’s important for consumers to know that there is private competition to CMHC. There’s a company called Canada Guarantee and a Company Called Genworth Financial.
As a consumer, I think it’s also important to understand “well how do I decide who I should choose for my mortgage insurance- and more importantly- do I even know that I have a choice. So if you’re paying the same amount of money for insurance from either of the three companies-which you are- how do you make a decision which one you should go with? I want to share with you a couple of really good programs, in my opinion, that Genworth Financial offers.
The first, is their home buyer privileges program- where you get a password to an area of their website that gives you access to significant discounts and savings from moving and home related programs and products from companies.
And my personal favourite: the home owner assistance program from Genworth Financial, is an excellent program. Listen, I know that when we get into a mortgage we never ever anticipate the fact that we might have a temporary financial setback. The homeowner assistance program protects you against a possibility of a temporary life setback. For example, if you or someone in your family had a serious illness or if you had job loss, or if you had any type of marital difficulty as a Genworth insurance customer, they will work with you to get through that rough patch so that you can stay in your home.
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