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Have you ever considered purchasing a new home but were unable to make the purchase due to lack of funds? If so, you are not alone. Many people who want to own their own homes fall just short of their financial goals. Fortunately, there are many loan options that can help people cover the gap between the money they have and the money they need to purchase their home.
Getting Mortgage Loans
There is no better way to find out what you qualify for than going through one of Canada’s big banks. Almost every financial institution in Canada offers mortgage loans, but few have rates as competitive as those offered by The Big Five—Bank of Montreal, Royal Bank of Canada (RBC), CIBC, TD Bank Financial Group and Scotiabank.
What Types of Insurance Do I Need?
There are three basic types of insurance that you’ll need in your business: property, liability, and life. Property insurance protects you against damage or loss of buildings or equipment on your premises.
Personal Umbrella
If you’re buying a home or auto with more than $250,000 on your loan, it might be in your best interest to obtain an umbrella insurance policy. This extra coverage will protect you from liabilities that exceed your other policies. The downside of umbrella coverage is its higher cost. In most cases, it makes sense only for individuals who have more than $1 million in assets.
Business Interruption
A business interruption insurance policy will replace lost revenue from your primary place of business if it becomes unusable for an extended period of time. In other words, if you lose access to your workspace due to damage or disaster, you can use your business interruption policy to pay for office supplies, employee salaries, marketing costs and more until you can get back up and running. The amount that you’ll receive will vary depending on how much revenue you’ve lost.