What is CMHC? CHMC 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 is important for consumers to know that there is private competition to CMHC. There is a company called Canada Guarantee and a company called Genworth financial.

As a consumer I think it is 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 are 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 and in my opinion I want to give you a couple of really good programs that Genworth financial offers.

The first is their home buyers 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 finally my favorite, the home owner assistance program from Genworth financial is an excellent program. Listen I know when we get into a mortgage we never ever anticipate the fact that we might have a temporary financial setback. With the homeowner assistance program it protects you against a possibility of a temporary life setback. For example, if you had a serious illness or someone in your family, or if you had job loss or any type of a 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.

Thanks for watching.

If you would like more information on this or other mortgage related topics contact Canada Mortgage Direct in one of the following ways:

Visit our website at CanadaMorgageDirect.com.

You can phone our office: 403-250-2100

Or you can email us at Save@CanadaMortgageDirect.com

We would also like to invite you  to the Canadian home Buyers Academy and you can visit us there at the CanadianHomeBuyersAcademy.com

Thanks again!

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