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Mortgage Loan Insurance
Not to be confused with Mortgage Life Insurance, Mortgage Loan Insurance is a policy taken out by a mortgage lender to protect against mortgage default by the home buyer.
While the cost of this policy's premium is typically passed on by the lender to the home buyer, having this policy in place helps first time buyers or those with smaller down payments to be approved for mortgages without paying a much higher rate of interest than those buyers with larger down payments.
Although a home buyer may pay the premium in a lump sum upfront, many choose to have it added to the total mortgage amount so that it can be blended into mortgage payments and paid over time.
Find a local insurance professional with our Find a GURU search tool.
Emer’s Guide: Energy Efficiency Grants and Rebates Programs in Kitchener/Waterloo
Emer’s Guide: Energy Efficiency Grants and Rebates Programs in Kitchener/Waterloo
ARTICLE HIGHLIGHTS:
Emer, casaGURU's green living guru, has created a helpful checklist for Kitchener/Waterloo homeowners of federal, provincial, city and utility company grant and rebate programs, including the ecoENERGY Retrofit Program, for energy efficient home improvements to heating and cooling systems, windows and doors, appliances, and insulation.
Here at casaGURU we're big fans of green in both senses of the word: we’re strong supporters of making homes more energy efficient AND of helping our community of homeowners save money. There are many ways you can do both at the same time!
However, with the amount of energy saving rebates and grants available from a variety of sources, finding and applying for them can seem daunting. So, that's why I’ve compiled an easy to follow list of energy savings specifically for homeowners in Kitchener/Waterloo, Ontario.
Ontarians are quite fortunate to have the Cool Savings program to take advantage of!
I’ve done the research for you, so below are ways to help you save! It’s been broken into categories that will hopefully be easy to navigate.
GENERAL HOMEOWNER SAVINGS
| Home Renovation Tax Credit | |
| Up to $1,350 | You can claim a non-refundable tax credit on your 2009 income tax return based on eligible expenditures incurred for home related work performed or goods acquired after January 27, 2009, and before February 1, 2010. The HRTC applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 [($10,000 - $1000) x 15%]. |
| ecoENERGY Retrofit Grant | |
| Up to $5,000 | You can save up to $5,000 when making energy improvements to your home through the ecoENERGY Retrofit program. The average grant is expected to be more than $1,000 and will yield an average 25% reduction in energy use and costs. |
| Mortgage Insurance (current homeowners) | |
| Up to 10% | If you're with CMHC and make your home more energy efficient and you could receive up to 10% of the cost of CMHC mortgage insurance and extended amortizations without regular premium surcharges. |
| Mortgage Insurance (new or prospective homeowners) | |
| Up to 10% | If you’re a prospective homeowner, look into purchasing a green home and you could receive up to 10% of the cost of CMHC mortgage insurance and extended amortizations without regular premium surcharges. |
