Homeownership on your terms. With the right preparation and resources, you can buy a home that best suits your lifestyle. Mortgage insurance provides you with innovative options to help get you into homeownership.

Be eligible for a better interest rate. Mortgage insurance provides a lender with the flexibility to offer you the same competitive mortgage interest rates available to home buyers with a larger down payment.

More down payment options. Don’t let the down payment be the barrier to your homeownership dreams. There are many mortgage insurance products that will help you to achieve homeownership. Let’s discuss the options that suit
your situation best.

Buy, instead of renting. If you’re paying rent right now, it can be a good move to consider buying a home that has similar monthly carrying costs. You’ll enjoy the freedom of making your living space into your own home with your personal touch.

Overcome traditional barriers to financing. More and more home buyers who may not have qualified for a mortgage are benefiting from mortgage insurance — for example, those who are self-employed or work on commission. With mortgage insurance, people who have good credit but might not meet conventional lending criteria can qualify for the financing they need.

Own and enjoy a vacation property. If your financial situation is in good standing and you are thinking about buying a vacation property, there are mortgage insurance options that will allow you to do so. Be sure to ask us about what will work best for you.

Get money back on an energy-efficient home. If you purchase an energy efficient home or refinance an existing home to make energy-saving renovations, you could be eligible to receive a 10% refund on your mortgage insurance premium if your mortgage is insured with Genworth Financial Canada.

Save on household purchases.When buying your first home, you’ll find expenses can add up quickly. When insured with Genworth Financial Canada, you can take advantage of the Home buyer PrivilegesTM program, which offers savings on appliances, truck rentals, home-improvement materials, moving supplies, and more.

Take it with you when you move.If you have a mortgage that’s portable, you can transfer its terms to a new property in the future. This same option is available when you buy mortgage insurance, which can save you premiums when you move.

Get help when you need it.Whether from a job loss, a serious illness, or a marriage breakup, financial difficulties can arise when you least expect them. You can be sure to get the help you need to keep you in your home, with Genworth Financial Canada’s Homeowner Assistance program (when insured with Genworth). Be sure to inquire about the benefits of this program.

Whatever the weatherman or the almanac says, we know that the warm season really ends with the changing of the clocks to mark the beginning of standard time again. Mornings are suddenly dark and frigid, and we know that winter is upon us. Protect your home and garden investment – by taking some time to batten down the hatches outdoors before the snow flies!

1. Last chance for repairs: Begin by looking up. Your roof and eaves troughs will need to be in good condition to protect your home in the coming months. In particularly, be sure to clear leaves and debris from
gutters and downspouts if a clog forces melting ice back against the shingles, you’ll be dealing with an ice dam – a serious hazard to the integrity of your roof. While you’re checking the eaves trough, make a visual inspection of the roof itself – looking for loose or broken
shingles, or damaged vents. Check your chimney for any loose brick or crumbling mortar. Mortar is temperature-sensitive and difficult to repair as the weather gets cold. Any work on the roof should be considered
a two-person job, we should add. Always have a strong adult to steady the ladder for the person working at the roof.

Now is also the time to repair any fence, lattice, or trellis – before the winter winds and ice take their toll.

2. Tool shed tune-up: Many a fine garden tool has met its demise far too soon, because it has been left outside over the winter. Your yard and garden tools have been working hard this summer, and they’ll be in need of
proper care and storage for winter. Begin by removing any caked dirt with a good wire brush some gardeners prefer using a wire whisk attachment on a power drill. Now’s the time to sharpen any tools that have become blunted by a season’s use: hoe’s, spades, pruners, loppers and saws, if you have them. As you’re cleaning, check your tools carefully for any loose screws or nuts. Finally, spray any metal parts and cutting edges with a good
penetrating oil like WD-40. Wooden handles should be wiped with boiled linseed oil to prevent cracking and drying.

3. Power tools often have special requirements at the end of season. In general, you should change the oil and spark plugs of any equipment, and have blades sharpened. This can be done professionally, if you prefer.

4. Before the freeze: Garden hoses don’t need much care, and it’s easy to forget about them at the end of the season. But take some time to straighten and drain your hose, and store it in a loose coil or on a reel – not hanging from a nail. Be sure you don’t leave an opportunity for water to enter the hose over the winter months. If you have an irrigation system, be sure to winterize it as well – blowing out the lines to ensure that ice doesn’t have an opportunity to split and break the waterlines below ground. Turn off any outside taps at source, then drain them at the faucet.

5. Wheelbarrows, carts and wagons these workhorses also deserve some attention at the end of the season. Touch up any paint chips and treat any rust spots. Give wheels a spray of oil to keep them running smoothly.

6. Turn on the lights! You’ll need your outdoor lighting as the nightfall comes sooner. Take the time to replace bulbs and ensure that any switches and timers are adjusted for the shorter daylight hours.

What’s the difference between “amortization” and “term”?

There are many stresses associated with home buying – both financial and emotional. And frankly speaking, it doesn’t help that the process comes with its very own foreign language. While your mortgage broker can help de-mystify these terms, it helps to have a bit of a primer on what some of these terms mean. After all, it’s your money and your home we’re talking about as a Mortgagor, you have a right to understand what you’re reading. (You didn’t know you were a mortgagor? Read on…)

We’ll start with “Amortization” and “Term”. Both refer to periods of time in the life of your mortgage, and you’ll want to be sure that you understand the difference.

The “amortization” of your mortgage is the length of time that would be required to reduce your mortgage debt to zero, based on regular payments at a specified interest rate. The amortization period is typically 15, 20 or even 25 years, although it can be any number of years or part-years. You could establish that you are able to make a certain payment each month of say $950 for your $130,000 mortgage at 5.5%. In this case, your amortization period will be just under 18 years. Or you could tell your broker that you’d like to be mortgage-free in just 10 years. With an amortization period of 10 years at the same interest rate, your $130,000 mortgage will cost you about $1,407 per month. That’s a tougher monthly payment, but you would save thousands of dollars in interest. (More than $35,000, in fact.) As you arrange your mortgage, then, keep in mind that
your amortization period may be fairly long – although the shorter you can make it, the less you’ll wind up paying for your home in the long term.

The “term” of your mortgage will typically be shorter. The “term” is the duration of your mortgage agreement, at your agreed interest rate. This
will be a very specific length of time, although you will have several choices. A 6-month mortgage is a very short-term mortgage. A 10-year mortgage will be one of the longest terms, generally with a higher rate of interest to represent the higher degree of uncertainty in the economic outlook. After your mortgage term expires, you will need to either pay off the balance of the mortgage principal, or negotiate a new mortgage at whatever rates are available at that time.

Now, back to the term “Mortgagor”. This is one of three very similar terms: “Mortgagee”, “Mortgagor”, and “Mortgage”. A Mortgagee is the lender of the money: a bank, company, or individual. A Mortgagor is the borrower: the person or persons (or company) that is borrowing the money, and who will pay it back to the mortgagee. The Mortgage, of course, is the legal document that pledges the property as a security for the debt.

Still confused? Speak with a mortgage professional. Get the best mortgage suited to your needs and all your questions answered in plain talk.

Many homeowners wished they’d asked more questions when they got their mortgage. They assume there’s nothing they can do until the mortgage matures. Not so. A mortgage broker can review your mortgage at any time and offer tips on how to save money.

Typically, we think of a fixed term mortgage as a non-negotiable contract. And it’s true that there are financial penalties to re-negotiate. But many homeowners ask mortgage brokers for a mortgage analysis – a detailed look at the penalties versus the payoffs - to determine whether it’s worth refinancing to get a lower rate, finance a renovation or roll other debt into the new mortgage. Like many Canadian homeowners, you may find that refinancing makes sense.

There are two approaches to refinancing: you can simply pay out the penalty on your existing mortgage and start fresh with a new mortgage, or you can opt for what is termed a “blend and extend.”

Firstly, understand that you won’t reap immediate rewards when you refinance it will take time to see the savings, since you’ll have some up-front penalties. So if you’re going to be selling the home in the next
year, you’re unlikely to benefit from refinancing now. Your mortgage broker can help you to assess your “payback” period: the length of time required to see any savings, based on the penalties you will incur and the difference between your existing rate and your new one.

Speaking of penalties, what does it cost to get out of your existing mortgage? Generally, you can expect to pay out the greater of either a) three months’ interest, or b) the interest-rate differential. The interest rate differential can be high in effect, your mortgage lender will expect you to pay them the equivalent of what they will lose by releasing you from your mortgage and lending the money at current rates. If you are close to the end of your mortgage, these penalties may not be too severe, but if you are early in your mortgage arrangement, the cost can add up. Don’t be put off by what looks like a big penalty: it’s only one factor in your analysis.

So is it worth it? Only your mortgage professional can tell you for sure, but many homeowners are experiencing significant savings – even with rate
differentials of two points (or possibly more). Also factor in whether you can roll other high-interest debt into your new mortgage, slashing your overall interest costs. It’s also important to consider whether your
long-term goals become more attainable.

Begin with a visit to a mortgage broker, who has access to rate information from a broad selection of lending institutions – and who can provide you with the kind of detailed analysis you’ll need to assess your options.