Overview of USA and Canada
Insurance in the United States helps individuals protect against financial risks. Common types include health insurance, auto insurance, home insurance, and life insurance. Health insurance is often provided by employers or purchased privately.
Canada has a public healthcare system, but private insurance is used for services like dental care, vision care, and prescription drugs. Auto and home insurance are also widely used across the country.
A mortgage in the USA is a loan used to buy or refinance a home. Mortgages typically have fixed or adjustable interest rates and repayment terms of 15 to 30 years. Lenders consider credit score, income, and debt when approving a mortgage.
In Canada, mortgages usually have shorter terms, often 5 years, even though the total repayment period may be up to 25 years. Government-backed mortgage insurance may be required if the down payment is less than 20%.