We get asked a lot — What is Genworth (now known as Sagen)?.
What is Genworth? Genworth is a Mortgage Insurance Underwriting firm and is the largest private residential mortgage insurer in Canada. It provides mortgage default insurance to Canadian residential mortgage lenders. In doing so it can make buying a home more accessible to the first time homeowner.
Genworth (Sagen) also has other programs that can be helpful to the homeowner who may be experiencing financial problems that may be putting their mortgages at risk. There is a homeowner assistance program that you may be eligible for. This program can help you work with Genworth (Sagen)and the lender to find some alternatives for you, so you can feel secure in your home during tough times. This insurance is not to be confused with mortgage life insurance which protects homeowners and their families in the event of death or illness. This insurance protects the lenders against default by the borrower. In turn, they can offer the flexibility to you with a lower down payment that they can offer to homeowners with more equity.
They can help in many different areas. For example; if you are self-employed, a new Canadian, own vacations home, and much more. They can offer immigrants that have been in Canada within the last 5 yrs to be a homeowner sooner with as little as 5% down if you qualify.
Genworth Canada (Sagen) can also help qualified home buyers make their new home just right for them. They can also help if you are looking to purchase a second home in the city to cut down on your commute time or a cottage for those needed weekend or summer getaways. They even have a program that will allow you to help a child or other family member, purchase their first home.
Check out Genworth and see for yourself what can or cannot do you to live your dream of being a homeowner and hopefully you can answer what is genworth.