Sagen – Who They Are and What They Do

Sagen, formerly known as Genworth Canada, is a private mortgage insurer in Canada that provides mortgage insurance to homebuyers who have a down payment of less than 20% of the purchase price of the home. Sagen offers a range of mortgage insurance products and services to help Canadians achieve their dream of homeownership.

History of Sagen

Sagen (previously known as Genworth Canada) was founded in 1995 as GE Capital Mortgage Insurance Company of Canada. In 2009, the company was acquired by Genworth Financial, a U.S.-based financial services company that also provides mortgage insurance.

In 2021, the company rebranded as Sagen, with a new name and a new brand identity. While the name has changed, the company’s commitment to providing innovative mortgage insurance solutions remains the same.

What Does Sagen Do?

Sagen provides mortgage insurance to homebuyers who have a down payment of less than 20% of the purchase price of the home. This insurance protects lenders in case the borrower defaults on their mortgage. Sagen offers mortgage insurance for high-ratio mortgages, which are those with a down payment of less than 20%. Mortgages with less than 20% down payment are called High Ratio Mortgages, and they must be insured against default.

In addition to mortgage insurance, Sagen also offers a range of products and services to help homebuyers and homeowners. This includes tools and resources to help borrowers understand the mortgage process and manage their finances, as well as financial literacy and homebuyer education programs.

Sagen’s mortgage insurance premiums vary depending on the down payment amount, the loan-to-value ratio, and the length of the mortgage. Premiums range from 1.80% to 4.00% of the mortgage amount, with lower premiums available for borrowers with higher down payments and lower loan-to-value ratios. This is something you will need to talk to a mortgage broker about as premiums will vary depending on the down payment percentage.

Sagen vs. Other Mortgage Insurers

Sagen is one of three mortgage insurers in Canada, alongside the Canada Mortgage and Housing Corporation (CMHC) and Canada Guaranty. While CMHC is a federal agency, Sagen and Canada Guaranty are private companies.

Compared to CMHC and Canada Guaranty, Sagen is a well-established player in the mortgage insurance market, with a long history of providing innovative mortgage insurance solutions. Sagen has a strong focus on technology and innovation, and is committed to providing exceptional customer service to its clients.

Sagen, formerly known as Genworth Canada, is a private mortgage insurer in Canada that provides mortgage insurance to homebuyers who have a down payment of less than 20% (high ratio mortgage)of the purchase price of the home. They offer a range of mortgage insurance products and services, as well as tools and resources to help borrowers manage their finances and understand the mortgage process. With a long history of providing innovative mortgage insurance solutions, Sagen is a well-established player in the mortgage insurance market, and is committed to providing exceptional customer service to its clients.