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Home insurance for equity mortgages

Here is the place to discuss equity crowdfunding.
richardbaker
Posts: 7
Joined: Thu Nov 30, 2017 2:22 pm

Home insurance for equity mortgages

Postby richardbaker » Thu Mar 22, 2018 4:59 pm

Hey,

I have relocated from Edmonton during last summer. Then I stayed in a rented apartment with my wife in Oshawa. Recently, I bought a new home nearby her office. I'm running a women's boutique in the city. The clothing industry is aggressively competitive so that I have to extend my business to satisfy the customer needs. I'm planning to start a new branch in Lindsay by next year.

The home equity mortgages provide an easy source of cash. Usually, the banks and credit unions lend up to 75% of the home's appraised value or the purchase price. For sanctioning a home equity mortgage, financial institutions give preference to the customers who have the home insured. The home insurance policy covers the cost to rebuild the home's structure.

Apart from covering the structure of the house, home insurance policies offer to provide coverage against loss or damage of valuable assets kept inside the insured house. I have decided to consult a broker providing insurance and financial services in Oshawa. Which all documents are required for securing a home insurance? How much time would it take to complete the procedure? Waiting for some helpful replies.

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