Signing mortgage contract

Mortgage Life Insurance

Who Does Insurance Protect?

Mortgage life insurance is simply a life insurance policy on the homeowner which will allow their family or dependents to pay off the mortgage on their home should something tragic happen to them. This is not mortgage default insurance, as lenders require this coverage if you have less than 20% equity in your home. MLI is better coverage to protect the family of a homeowner and not the mortgage lender itself.

How Much Does Life Insurance Cost?

If you were to pass your mortgage would be paid off, is it necessary for you to pay for this service? You may already have an adequate amount of life insurance then the answer might be no.

Assuming you are the primary breadwinner in your home and your death would leave your family without the means to pay for the mortgage, then mortgage life insurance might be a good option.

How To Apply for Mortgage Life coverage?

When looking at insurance policies, it’s important to know if the policy is portable, and backed by a large organization. A professional mortgage broker will take you through the ins-and-outs of insurance. By evaluating what you really need, and the differences in coverage and costs, you can make the best decisions for you and your loved ones.

Benefits to using a Mortgage Professional

Benefits of Using a Mortgage Professional

There are generally two ways to get a mortgage in Canada: These are the Costs, Fees & Benefits, from a bank or from a licensed mortgage professional.

While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada’s largest banks, credit unions, trust companies, and financial institutions; offering their clients more choice, and access to hundreds of mortgage products! As a result, clients benefit from the trust and security they are getting the best mortgage for their needs.

Whether you’re purchasing for the first time, taking out equity from your home for investment or your mortgage is up for renewal. It’s important that you are making an educated buying decision with professional unbiased advice. It’s in your best interest to connect with an experienced mortgage professional today.

Costs of Using a Mortgage Professional

Mortgage professionals work for you, and not the banks; therefore, they work in your best interest. From the first consultation to the signing of your mortgage, their services are free.

A fee is charged only for the most challenging credit solutions, and it’s especially under those circumstances that a mortgage professional can do for you what your bank cannot.

Home Equity

Many people find that one of the easiest and most affordable ways to access money is through the equity that they have accumulated in their home. This is a very popular option, especially when you have an excellent first mortgage in place.

Canadians purchase homes for a variety of reasons. Some want the stability of owning their own home, while others also look at home ownership as an investment vehicle. No matter what the reason, the truth is that home ownership has proven itself to be a good stable investment over time, and one which many Canadians are profiting from.

Putting Your Home Equity to Work For You

While many people have chosen to purchase their first home during these times of lower interest rates, there has also been a large movement to refinance home loans and pull out funds for home improvements, investments, college expenses, and even high interest debt consolidation. Canadians have been borrowing against their home in record numbers, taking out billions of dollars in cash each year.

In years past, many saw their homes as a shelter of safety, yet today, they are more willing to borrow against the cash available in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions. Where home equity was once sat upon, today it is often used to one’s advantage.

While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks.

The best thing you can do is to consult a licensed mortgage broker professional and financial planner to discuss opportunities to make your home’s equity work for you.

Community Involvement

Are you looking to be a more involved, conscientious member of your community? Have you recently become a homeowner and are wondering how to make the most out of being part of a larger neighborhood? Then incorporating community involvement into your daily life is definitely something worth considering. From volunteering at local events, attending city council meetings or even taking part in charity drives such as food donations for struggling families — there are endless ways that today’s millennial homebuyers can actively engage with the world around them. Let’s dive deeper into this topic and discover some positive steps towards strengthening our overall sense of purpose within society!

Growing up in Victoria BC, Community Involvement means to give back to my community wherever possible. I was on the receiving end of the volunteerism our beautiful city is known long before I became a Mortgage Broker. Whether it was in the form of coaches who guided me in team sports, fundraised to support teams, and generally made sure I was on the right track.

As a father of four, I take these values to heart and continue the tradition of volunteerism, community involvement. This includes coaching local soccer. Also, fundraising for both the Canadian Cancer Society and BC Children’s Hospital whenever possible. It builds threads with other families and encourages others to be actionable in the same vein to give back. As it has been said before, it takes a village!

It’s easy to give back to a community that gave me so much while growing up. It’s these values I work to instil in my own children. They too volunteer in the local community soccer associations as coaches and referees.