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Furnace Safety, Efficiency  and Maintenance

Furnaces in homes throughout North America are cranking up for a long winter season. It is especially important to have furnaces inspected and maintained to ensure that they run efficiently and safely now that the colder months are here.

SIMPLE WAYS TO IMPROVE EFFICIENCY

By some accounts, home heating, especially gas furnaces, can represent half of a typical home's winter utilities bill. Efficient operation means lower energy bills and a more comfortable home. For example, programmable thermostats can be used to automatically turn heat up or down at specified times, so that the temperature is lowered overnight or while no one is at home. Thermostats should be calibrated occasionally to avoid "off cycle" heat loss; a properly calibrated thermostat will result in more even heating between the on/off cycles, which is both more efficient and comfortable.

SAFETY AND MAINTENANCE

Safety is an important factor in furnace operation. Gas furnaces can be a source of carbon monoxide if there are leaks or cracks that go unnoticed or unrepaired. The furnace flame should be steady and burn blue; if not, this should be addressed immediately. A qualified contractor or inspector can detect these types of problems and recommend needed action.

Yearly furnace inspections are strongly recommended. A heating service and repair company can clean and inspect all components of a forced air furnace, including the blower motor, belts, heat exchanger and filter, and check the flue for obstructions.

Simple furnace maintenance includes checking and replacing disposable air filters and cleaning permanent-type filters, as well as keeping dust, hair, and lint away from the burner compartment and air intake. A dirty furnace costs more to run and takes longer to heat the home. No matter what type it is, a well-maintained furnace will not only last longer, but can save energy, money, and help a home's overall air quality and comfort.

CONSIDERING A NEW FURNACE?

If a new furnace is necessary, it is a good opportunity to evaluate the various types of furnaces now available and how well they might meet a home's specific situation. Furnaces are defined as conventional efficiency, mid efficiency, and high efficiency. There are advantages and drawbacks to each type, and some are better suited to older homes, for example, and cost may be a factor in considering various types of systems. However, the ability of some new furnaces to reduce off cycle heat loss, eliminate the need for an always-on pilot light, etc. make replacing a furnace worth considering if a current system is in bad repair functioning poorly.

Borrower Qualifications for nwly arrived to CANADA persons

Overview

  • This policy applies to customers who have immigrated to Canada within the last 36 months and who are looking for an insured mortgage but do not have Canadian Credit Bureau history. 
  • This policy does not apply to customers who are new to Canada but do have a Canadian Credit Bureau.
  • Each customer and their mortgage application is reviewed on an individual basis.
  • Must have immigrated/relocated to Canada within last 36 months.
  • Must have Landed Immigrant Status.
  • 3 months minimum full time employment in Canada.
  • Borrowers transferred to Canada under relocation programs are considered on an exception basis.
  • Guarantor's Income Confirmation required (if applicable).
  • Maximum TDS 40%
  • All debts held outside of the country must be included in the TDS.
  • Rent earned outside of Canada is to be excluded from the TDS calculation.

 Required Documentation

  • Confirmation of down payment and closing costs to be without recourse to additional borrowing. Refer to Down Payment section and Down Payment & Closing Costs.
  • Purchase and Sale Agreement/MLS listing (if applicable)
  • Standard Income Confirmation
  • Confirmation of Landed Immigrant Status (Permanent Resident Card)
  • Preceding 12 month history of Rent and 12 month history of 2 regular periodic (eg. monthly) obligations.
  • Rent:
  • Supporting Bank Statements and letter signed by landlord indicating:
  • Date the tenant moved in
  • Monthly rent amount
  • Amenities included in the rent
  • Payment history
  • Regular periodic obligations:
  • copy of bill & payment confirmation from bank statement/paid invoices
  • Eg. Hydro/Utilities/Telephone/Cable

Mandatory: Payments must be timely. No late payments.

If unable to obtain the 12 month history of rent and 12 month history of 2 regular periodic obligations, LTV is limited to 90% and the following may be accepted: Satisfactory Letter of Reference from a recognized Financial Institution outlining history and past credit experience. Must be dated within 60 days of approval. Or;6 months of Satisfactory Bank Statements from Primary Account.