Canada Guaranty

Canada Guaranty Mortgage Insurance Company is one of the only Canadian-owned private mortgage companies in the country. They specialize in providing mortgage insurance to protect lenders from borrower default.

Where is Canada Guaranty located?

You will find the Canada Guaranty offices in Toronto, Ontario. Besides their corporate headquarters in Ontario, Canada Guaranty has regional teams that service the rest of the country. The company also operates an underwriting centre through which you can call to speak to a representative or contact them online.

How were they formed?

In April of 2010, a private investor collective made up of the Ontario Teachers’ Pension Plan and National Guaranty Holdings Inc. acquired AIG United Guaranty Mortgage Insurance Company Canada to create a company to offer protection to lenders and investors. The introduction of Canada Guaranty Mortgage Insurance Company led to an inclusive array of products involving mortgage insurance.

What products do they offer?

Canada Guaranty operates as a mortgage insurance specialist by helping mortgagors achieve their goal of home ownership and protecting lenders against borrower default. The company provides borrowers with a variety of products to suit every insurance need. For example, they have specific products for first time home buyers, self-employed individuals, people who are on their second or third mortgage, investment property packages, tools for home equity access, and bundles for home renovations and construction.

What sets Canada Guaranty apart from other mortgage insurance providers?

In Canada, only a select few companies are allowed to offer mortgage default insurance. Besides Canada Guaranty, CMCH and Genworth Financial are the only providers in the country. Due to the lack of competition, all three institutions are successful and offer products that are practically identical in nature. The only differences are that Canada Guaranty and Genworth are privately owned. This means that the companies are not publicly traded and owned by an individual or group instead of the government or the public.

To determine if Canada Guaranty is the right insurance provider for your mortgage, speak with your broker. If you have not worked with a mortgage broker before, it can be quite beneficial to your home ownership needs. Besides matching you with the right lender and finding you the lowest interest rate for your mortgage, they understand the industry better than anyone else. When you work with a mortgage broker, they can explain why or if you should be using Canada Guaranty, CMHC or Genworth Financial as your insurance provider.