Mortgage Blog - Life Insurance
Did You Know.... About the First Time Home Buyer's Tax Credit?
June 23, 2011 by Jennifer Cookson
Did you know that you can claim the purchase of your new home as a tax credit and receive as much as $750 towards reducing the amount of personal income tax you owe in the year you purchased your home?
Here are some of the highlights of the program:
- The non-refundable tax credit was enacted as part of the 2009 Federal Budget, based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009.
- The credit is also be available in respect to a home acquired by an individual who is eligible ...
Read more »Friday Feature - Mortgage Life Insurance
August 20, 2010 by Jennifer Cookson
What Type of Insurance Do You Need? – Part 2 – Mortgage Life Insurance
The next type of insurance that you will encounter when obtaining a mortgage will be Mortgage Life Insurance. This is a life insurance policy that pays the remaining balance of your mortgage to your bank in the event that a person listed on the mortgage dies. Sometimes a disability option is also offered – if you were unable to make your mortgage payment due to an injury, your mortgage payment would be paid on your behalf by the insurance company and if you were diagnosed with a terminal illness ...
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