AIG United Guaranty Mortgage Insurance Co. Canada has introduced a product lineup that includes new mortgage Insurance options as well as enhanced standard programs to benefit the Canadian housing market.
According to President and CEO Andy Charles, “We have seen significant activity in the Canadian mortgage insurance industry over the past six months in anticipation of increased competition.”
AIG United Guaranty’s new products for the Canadian marketplace will help to facilitate home ownership by reaching more consumers with insurance for a wider range of mortgage products than is currently available.
According to Brian Bell, vp of corporate & product development, “We have been able to develop a new product line-up that positions AIG United Guaranty as the leading full-service mortgage insurance provider within the Canadian marketplace.”
The new products offered by AIG United Guaranty include:
- Advantage 100, which allows borrowers with strong credit to purchase a home with no down payment at a mortgage insurance premium that is lower than what is currently available in the marketplace.
- Advantage 97, which enables borrowers to purchase a home with as little as 3% down payment.
- Flex 97 Advantage, which features a flexible down payment option, allowing borrowers with a strong credit history to access 3% equity from sources not covered in our standard down payment programs.
- Equity Assist, which was created for borrowers whose credit scores have been affected by adverse conditions. This program broadens access to standard lending channels for borrowers. The result is more affordable insurance premiums for this customer segment.
- Rental Advantage, which allows borrowers to purchase investment or rental properties – using a streamlined process designed to save costs – with as little as 10% down.
- Longer Amortizations, which offer the choice of 30-, 35- and 40- year amortizations on certain products.
- Low Doc Advantage, which allows self-employed or commissioned sales borrowers to purchase a home with as little as 5% down. The program also provides cost savings to consumers who use a 10% down payment.
- Identity theft insurance coverage.
In addition to the new product introductions, AIG United Guaranty has also enhanced a number of existing mortgage insurance products currently offered. The changes introduced by AIG United Guaranty include new underwriting guidelines; fewer restrictions on certain mortgage insurance programs; and, for some products, lower mortgage insurance premiums.
AIG United Guaranty is a marketing term for United Guaranty Corporation (UGC) and its subsidiaries. UGC is a member company of American International Group, Inc. (AIG).