2013 was a year full of extreme weather. In June, we saw the floods in Alberta that no one could have prepared for. The floods devastated Calgary and surrounding areas, leaving thousands homeless and billions of dollars in damage. Severe weather wasn’t limited to the Prairies – Canada’s largest city, Toronto, received a torrential downpour of its own when it received over a month’s worth…
If you are planning to purchase a house with a mortgage in Vancouver, you should have a basic understanding of the different types of plans available to you. We will discuss each one in detail in future posts. Conventional Mortgages These mortgage plans are also known as Low Ratio Mortgages and require a down payment of 20% or more of the total purchase price or…
An Adjustable Rate Mortgage is a long-term home mortgage that features an adjustable interest rate. Its counterpart, the fixed rate mortgage, has a predetermined mortgage rate that spans the life of the mortgage repayment time. These mortgages are often referred to as Variable Rate Mortgage or as Renegotiable Rate Mortgage. An ARM in Canada will be set up like a regular bank loan but the…
If you feel you are paying too much on your mortgage, you always have the option to refinance your mortgage. The problem many homeowners fall into is when they should refinance. The interest rates go up and down with no signs of stopping. Always remember the mortgage you have for your home is your key to owning your property for the rest of your life.…
When you are working on deciding what kind of home you are going to buy, you need to think about the mortgage you can afford. If you get a mortgage too high, you will not be able to afford to make the payments every month. This is why you should be using a mortgage calculator to figure out exactly what you are going to pay…
Even though the modern borrower obtaining a mortgage loan is a lower risk, there is still an insistence in the mortgage industry for borrower to obtain mortgage insurance if the down payment is less than 20%. The ability to cut this amount is essential for home buyers to save money. This is due in large part to the fact the amount paid is all in…
Buying a home is a really exciting experience for people. Making a mortgage payment for the rest of your life is not as exciting of a prospect for you. This is one of the many reasons why people would like to pay off their mortgage payments as early as possible. Since this is not as easy as just cutting a check, there are methods that…
In the world of life insurance there are dozens of products. They have catchy names such as Genesis, Estatemaster, Exce Life, Estate Advantage, and Wealth Advantage. While these all sound riveting, they are all the same two types of insurance! Ignore the fancy names. All you need to know are these two basic forms of life insurance and a few sub-categories: Temporary Insurance:…
You are now at the point where you know some differences between life and mortgage insurance. You now also know the steps involved with getting life insurance, but who are the people involved in this process? What do they do? Here is some key terminology that you need to know. Insurance Agent/Broker This is the person who is responsible for the sales part of…
It is time to consider life insurance when you take on a large financial liability that requires an ongoing need for protection. This can be a combination of buying a home, being married, having children, taking on substantial consumer debt, or owning a business. Here are some steps to follow when you are considering buying life insurance. Step 1 Seek out an insurance agent.…
