TORONTO, Aug. 14 /CNW/ - AIG United Guaranty Canada announced today the launch of a mortgage insurance product developed to assist Canadian borrowers who are purchasing a newly constructed house or condominium. The Upgrade Advantage(sm) product enables home buyers to purchase a newly constructed home or condominium from a residential builder and include certain builder upgrades within their mortgage. Designed to improve cash flow for the borrowers, the product has the following features:
- Borrower may include up to 15% of the purchase price in upgrades(1),
to a maximum of $75,000.
- The plan allows borrowers to purchase a home from a residential
builder with a 5% down payment.
- Loans with amortization of up to 35 years are eligible for mortgage
insurance.
"AIG United Guaranty is committed to developing innovative and sustainable products for the residential mortgage market," said Andy Charles, president of AIG United Guaranty Canada. "This new product for the new construction market demonstrates our commitment to provide value-added mortgage insurance solutions to Canadians today and into the future."
AIG United Guaranty Canada is a member company of American International Group, Inc. (AIG), which has been in Canada for more than 45 years and now employs over 800 people throughout the country. AIG United Guaranty Canada has established a strong presence in the Canadian mortgage market and now has a customer base of more than 30 lending partners. AIG United Guaranty Canada works closely with its lending customers and other mortgage finance professionals to develop sustainable solutions for the Canadian housing market.
Further information is available at www.aigug.ca/news.html or by contacting Brian Bell at (416) 640-8933.
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(1) Based on a list of acceptable builder upgrades approved by AIG.