When getting a mortgage, many homeowners often are required to purchase mortgage loan insurance - usually though CMHC (Canada Mortgage & Housing Corporation) or Genworth Financial. This can add thousands of dollars in extra costs to the home buyer. Luckily, by buying an energy-efficient home or making energy efficient upgrades, there's a way to get a 10% premium refund, saving you money up-front and over the long run!
CMHC Mortgage Loan Insurance Refund
If your mortgage has been insured with CMHC, not only can you receive a 10% premium refund if you qualify for the program, but you can also extend your amortization to 35 years at no added cost.
Genworth Energy-Efficient Housing Program
If instead your insurance is with Genworth, you can participate in their program, which will get you a 10% premium refund and give you access to Genworth Financial's Homebuyer Privileges - an exclusive on-line discount program for commonly purchased houhold items.
For existing homes to qualify, you must:
- Order an energy audit for your home to find out your home's EnerGuide rating (which measures the energy-efficiency of the home).
- If you have an EnerGuide rating of 80 you automatically qualify.
- If it's lower than 80, then you will need to make renovations so that you improve your EnerGuide score by at least 5 points (and the post-renovation score has to be at least 40).
For new homes to be eligible, they must have:
- An EnergGuide score of at least 77;
- Be certified R-2000;
- Been built under a CMHC or Genworth qualifying energy-building program. (Ask your developer to find out if this is the case.)
Have any questions? Need more detailed information? Make a comment below or visit GreenMortgageSolutions.ca
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