Unlocking the door: National Homeownership Education Week designed to educate the first-time homebuyer

Toronto (April 6, 2010) – The second week in April historically marks the single busiest time of the year for mortgage applications in Canada as the Spring home buying season gets into full swing. However, this can be a daunting prospect for many buying their first home. Research conducted by Genworth Financial Mortgage Insurance Company Canada (“Genworth Financial Canada”) shows that both women and men found the home buying process stressful.

Genworth Financial Canada believes the best homebuyer is an educated one. To help open the door to understanding the home buying process, the company is launching National Homeownership Education Week on April 12th-16th. The week-long initiative is designed to educate first-time homebuyers on basic mortgage terms and concepts, preparing them for one of the biggest financial investments of their life-time.

“Facts are your friends. Any homebuyer needs to have a realistic understanding of their financial situation and comprehend the home buying process,” says Peter Vukanovich, President and COO of Genworth Financial Canada. “Our goal is to help Canadians buy their homes affordably, and ensure they understand all the options available.”

Each day of National Homeownership Education Week will reveal a new topic with tips, tools and resources to help homebuyers make informed decisions. It will also highlight the differences in attitudes between men and women when it comes to home buying as it relates to each topic. Take the challenge and visit HomeownershipHelp.ca to learn about:

  • Monday April 12th: Credit Day, learn the importance of good credit and how your credit history is established
  • Tuesday April 13th: Reality Check, find out how to reconcile what you want with what you can afford
  • Wednesday April 14th: Home Buying Basics, understanding the home buying process
  • Thursday April 15th: Test Your Knowledge, take the Homebuyer 101 course and be entered into a contest for one of five $500 Visa gift certificates
  • Friday April 16th: Tips on Purchasing and Owning a Home, find out the facts that will help make your dream home a reality

Research statistics are taken from a variety of Genworth studies conducted from 2007 to 2009. A backgrounder is available upon request.

About Genworth Financial Canada:

Genworth Financial Canada, a subsidiary of Genworth MI Canada Inc. (TSX:MIC), has been the leading Canadian private residential mortgage insurer since 1995. Known as “The Homeownership Company”, it provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times. Genworth Financial Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace. As of December 31, 2009, Genworth MI Canada had $5.2 billion in total assets and $2.6 billion in shareholders’ equity. Based in Oakville, Ontario, the Company employs approximately 265 people across Canada.

Additional information about Genworth Financial Canada is available at www.genworth.ca.