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What is a mortgage discharge. A mortgage is a loan secured by property, such as a home. When you take out a mortgage, the lender registers an interest in, or a charge on, your property. This means the lender has a legal right to take your property. They can take your property if you don’t respect the terms and conditions of your mortgage ...
Mortgage prepayment penalties and privileges. A prepayment penalty is a fee that your mortgage lender may charge you if you: Your lender may also call the prepayment penalty a prepayment charge or breakage cost. If you have an open mortgage, you can make extra payments without paying a penalty. If you have a closed mortgage, there’s a limit ...
Amount of Insurance. The amount of money paid by an insurance policy. It’s also known as the coverage amount, death benefit or face amount. For example, if your homeowner's policy has a limit of $300,000, then the amount of insurance you have for this policy would be $300,000. You are responsible for losses over this limit..
Universal Loan Insurance Product description and features. Universal Loan Insurance offers unique comprehensive coverage in case of disability, for all loans taken out with a financial institution. We cover the insured’s debts by paying all monthly loan payments in case of disability resulting from an illness or an accident. Eligible loans:
For example, if you need a mortgage loan for $300,000 to buy a home, the lender may register a collateral charge for $350,000, and you may be able to borrow an additional $50,000 in the future without registering a new charge. The mortgage loan details (such as the principal amount, interest rate, term and payment amount) are in a separate ...
Use this guide if you are an employer and you provide benefits or allowances to your employees, including individuals who hold an office, for items such as: automobiles or other motor vehicles. board and lodging. gifts and awards. group term life insurance policies. interest-free or low-interest loans.
People also ask
How much is a mortgage discharge fee?
What if a mortgage discharge fee is not in my contract?
Does AD&D insurance cover dismemberment?
Can a lawyer discharge a mortgage if I pay it off?
Should I pay off my mortgage before getting a mortgage discharge?
What happens when you pay off a mortgage?
Dec 14, 2023 · Accidental Death and Dismemberment (AD&D) insurance is a type of coverage that provides financial protection in the event of accidental death or severe injury resulting in dismemberment. This insurance is available in Canada to individuals who want an extra layer of protection beyond traditional life insurance.
