There are many factors that impact the premium, some noticeable ones are: ⦁ Address - if your neighbourhood has a higher number of burglaries, you may pay more premium; distance to a fire hydrant and a fire station also counts ⦁ Replacement cost - the size, number of stories, composition of your home, furnished basements, number of garages, etc. ⦁ Roofing - a recently replaced roof with better material is more likely to withstand the harm of weather ⦁ Heating - newer forced-air gas furnaces and electric heat are far safer than oil furnaces and wood stoves ⦁ Other - do you have a swimming pool and/or a hot tub? Do you have sewer back-up prevention measures?
购买房屋贷款需要准备的文件大约分三个部分，房屋材料，工作等个人材料以及首付材料。 房屋材料主要是说房屋购买合同，如果是买新房，需要和开发商签的厚厚的合同。 工作材料是银行审核最细的部分，如果你是某个公司的全职雇员，一般必须要有的是： 1. 工作信，公司抬头纸，注明公司名称，地址，电话，传真，写明申请人的全名，是否全职，在本公司开始工作的时间，职务，工资。 2. 工资存根，公司给的工资单。 有的银行还会要求提供过去的T4或者税局的税单评估通知。 除了工作材料外，还需要一些个人材料例如照片等以及一些个人信息。（来源：居外课堂）
Your credit score is a measure of your financial health. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender. Thus, a higher rating will typically secure a better mortgage rate, since you’re considered to be more likely to make your scheduled payments. If you have a poor rating, do some damage control before you apply for your mortgage.
Discounts are offered to homes with improved security. You can install a home security system and/or a fire/smoke alarm connected to central station. You can also lower the premium by choosing a higher deductible. Some insurers provide a claim-free discount if you do not make a claim in a set period of time (usually 12 months or more).
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The net profit is treated as a capital gain, therefore 50% of the net profit will be taxed at your marginal tax rate.
It has separate ownership and title for your home and the common elements.
There is a common misconception that mortgage loan insurance protects the borrower. This is not the case. Mortgage loan insurance is there to protect the lender against default in payments by the homebuyer. If the buyer has a down payment of less than 20% of the purchase price, the lender will purchase default insurance and pass that cost on to the borrower. This can be paid up front, or tacked on to the mortgage payments and stretched out over time. Mortgage loan insurance is offered by companies like Canada Mortgage and Housing Corp., Genworth Financial Canada, Canada Guaranty, or another approved private insurer.