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Mortgage Insurance Vs Life Insurance

Posted onDecember 26/2016By

People often see their homes as their biggest investment, and naturally they want to protect that investment. On the other hand, people also worry about what would happen to their loved ones if they were no longer around to care for them. For both of these situations, there is life insurance and mortgage insurance. Both types of insurance offer benefits, but they differ in their nature and eligibility criteria. If you are considering one or both forms of insurance, here are some things that you need to be aware of before making a decision. Life Insurance Life insurance is a smart move for many people who have dependents. However, life insurance does not often come without a rigorous application process. Age is a critical factor in the monthly premium you pay and you often have to undergo a medical exam. If you have had any previous complications, then that could…

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How Canada’s New Mortgage Rules Affect You

Posted onDecember 19/2016By

If you are planning to buy or sell a home, you should be aware of some of the new rules that are in place, as it might affect your chances as a home buyer or seller. The rules require home buyers to meet new lending criteria and they must qualify for rates that are fixed by the Bank of Canada. Insurance Mortgages Prospective buyers who want to secure mortgage loans must be purchasing a dwelling that has an amortization period of 25 years or less and a value of less than one million dollars. Borrowers who have less than 20 per cent down will have to qualify for a rate that is set by the Bank of Canada. Borrowers with more than 20 per cent down will not have to qualify until Nov. 30, 2016. This gives borrowers who rely on portfolio insurance time to find another means of financing…

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How To Raise Your Credit Score Quickly

Posted onDecember 12/2016By

If your credit score isn’t where you would like it to be, then you should consider changing some of your spending habits and pay closer attention to your monthly statement. Even if you have small debt, missing monthly payments can still negatively affect your credit score. Here are a few tips to help you improve your credit score. Pay Off Any Small Balances Small things can add up. If you have any small balances on your card then you shouldn’t neglect paying them off. Missing your payments can have a bigger impact on your credit score than you think—no matter how small they are. Make More Than Just The Minimum Payment If you just make the minimum payment then you will have a hard time getting out of debt. Try to make more than just the minimum payment and keep at it until you can get your balance down to…

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Why You Need Mortgage Disability Insurance

Posted onDecember 05/2016By

Research shows that people are often more at risk of suffering a disability than dying during their working years. Disability prevents you from working to maintain your current standard of living, and so you need to replace the income you lost while away from work. While many disabilities may be temporary, some can also be permanent. Not only will you be unable to keep up your lifestyle, you will also be unable to keep up your mortgage payments. Disability mortgage replaces your income according to your monthly mortgage. Here are some concrete reasons to consider getting mortgage disability. You Are Self Employed A self-employed person depends entirely upon his/her own efforts to maintain an income and standard of living. Therefore, they are especially vulnerable to loss of income if they were to be unable to work even for a short time. These persons may not qualify for the level of…

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