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Old 2007-03-28, 02:49 PM
coton coton is offline
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Default Mortgage Insurance

To those who have and who will be paying mortgage insurance......
would you take CMHC or Gemworks? or does it really matter.
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Old 2007-04-01, 04:51 PM
mortgagehockeymom mortgagehockeymom is offline
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your mortgage insurance provider is normally at the discretion of your mortgage provider, I don't many who offer their clients a choice...though I guess you could have one. It is more for the mortgage specialist, as each have some unique programs, (most programs are available by both insurers) and prices are the same, therefore, it is just a matter of personal preferance of your mortgage specialist, and where they have established a relationship. Personally I work with Genworth, as I find them much more "realistic" lenders, they have fantastic programs and are the first to have specialized programs first. They also have property values more in line in their system with the high increases lately in my market area (Milton) compared with CMHC. Genworth also has a "work-out" program which is a program that they work with clients who are in a position where they find themselves no longer affording their home due to different circumstances and they work out different creative options to help keep you in your house. CMHC doesn't have this option and will just foreclose in most instances when the time comes.

But for the average client, no real difference...it is just more of an option for the mortgage provider.

Jessica
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Feel free to email me for unbiased mortgage advice, or to answer any questions on what to expect on your closing process!



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