Opportunities for Homebuyers with Teresa Ferbey: Explore Sagen's Programs and Benefits

Real Life Mortgage Solutions

In this episode, Len Lane sits down with Teresa Ferbey, Sagen Account Manager, to discuss a range of mortgage solutions available through Sagen. They delve into the critical role of Mortgage Default Insurance, making homeownership accessible even with less than 20% down payment. Teresa shares insights on popular programs like the First-Time Home Buyer Incentive, New to Canada Program, and Business for Self options, highlighting their benefits and eligibility criteria.

Key topics include the Purchase Plus Improvements Program, which allows buyers to roll renovation costs into their mortgage, and the Homeowner Assistance Program (HOAP), designed to support homeowners facing financial hardship. Teresa also explains the portability of Sagen insurance and upcoming changes like the introduction of 30-year amortizations for new homes.

About Teresa Ferbey

Teresa Ferbey is a seasoned Sagen Account Manager with extensive experience in the mortgage insurance industry. With a background at Genworth and a passion for helping homeowners, Teresa brings valuable insights into making homeownership more accessible and manageable. Her expertise spans various programs designed to assist first-time buyers, new Canadians, and self-employed individuals.

Resources discussed in this episode:

• Business for Self (Alt. A)
• Energy Efficient Housing Program
• First-Time Home Buyer Incentive
• HOAP (Homeowner Assistance Program)
• New to Canada Program
• Purchase Plus Improvements Program
• Vacation/Secondary Homes

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Contact Len Lane | Brokers for Life:

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

Contact Teresa Ferbey:

• Website: www.sagen.ca
• Linkedin: Teresa Ferbey
• Email: [e-mail]

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Transcript

Len 00:02

Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc. and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions.

Len 00:19

Welcome back. This is podcast number two in a series talking about insurance. Yes, I know it's a topic that none of us ever want to talk about. But we also have an insurance program called Mortgage Default Insurance, which is pretty much covers anybody who doesn't have 20% down. We've been talking about how that works for everybody and why it works. And today our guest speaker is Teresa Ferbey, Sagen account manager for Edmonton and area, longtime in the insurance industry or that side of the insurance industry. Anyway, so having worked for Genworth in the past as well. Teresa, welcome.

Teresa 00:54

It's so good to be with you here today. Thank you for inviting me.

Len 00:59

No problem. So, title insurance, you know, when people buy homes, they realize that there's so many different types of insurance, whether it's title insurance, life and disability insurance, and current home insurance. But the other one that's that's pretty much predominant in mortgages is that in the real world, the majority of Canadians have less than 20% down to buy a property. What role does Mortgage default insurance play in making home insurance possible?

Teresa 01:29

Like you said, it is the reality for most when purchasing a home, whether it be their first or second home, it can be challenging to come up with that 20% down payment that is typically required or has been in the past. The government allows us one of three insurers to protect the lender, take on that risk, so that the borrowers can put less than 20% down and pay a premium to us to do so. And it allows them to get into a home with less than that 20% down.

Len 02:05

Super important. I know the first-time buyer is probably one of your biggest programs. But what are some of the other more popular programs? And why do you think they are?

Teresa 02:16

We have a great new to Canada program. That is probably one that has taken up a lot of popularity lately. The reason that it has is because we, in Canada, have allowed a lot of people to immigrate. So, newcomers coming to Canada, we are expecting 500,000 this year, and 500,000 next year. So, there's a lot of people coming to this country and find really quickly that they want to make this their home. And so our new to Canada program is awesome. We actually have a few recent changes as of last week, that make this program really easy for first-time new to Canada for worse to purchase with less than that 20% down as little as 5% down with very little requirement in order to qualify them. So, it's wonderful.

Len 03:13

A well-used program, I'm sure, like you said there. We've done millions of new Canadians over the last few years. And I'm thinking that will may continue into the future as well as we as we continue to have an aging population and myself included as we need to replace people in the industries. Right? So, what else is, I know you do a great job with self-employed clients as well. What are some of the details of that program?

Teresa 03:41

Absolutely. Yes, we do have a business-for-self program. So, for those that have their own business, and they want to purchase, oftentimes they have great accountants and they declare a lot less income than they actually truly bring in. So, knowing some of those details, what their gross business revenue is, and what they actually bring in and what shows that they've paid their income tax to our lovely government, all those things are part of it, they put 10% down they pay a little higher premium than your typical first-time homebuyer but they're allowed to buy their primary home with 10% down and we call it our stated or alt a business for self program. So, that absolutely is another popular program. We have heard that one in four Canadians actually do have some sort of business for self component. So, it's a great program.

Len 04:46

Yeah, it's not uncommon and a lot of new Canadians also seem to want to work for themselves. We have a lot of Ukrainian clients in our broker business because of Tetyana, but the...