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# Friday, March 23, 2007
Friday, March 23, 2007 8:07:24 PM (GMT Standard Time, UTC+00:00) ( Mortgage Insurance )

Tips On How To Successfully Purchase Your New Home


With interest rates among the lowest in decades, and the availability of many different housing options, purchasing a home in Canada may be cheaper than renting. The current real estate market is very favorable to buyers, and financing options are available to accommodate those who are self-employed or who do not have perfect credit. A mortgage may actually cost less than monthly rent payments, and, unlike rent, is an investment that provides the owner with equity.


Whether you're a first time home buyer or not, purchasing real estate is a big decision. Many things need to be considered, from which neighborhood you wish to buy your new home, to which financing options suit your needs best. However, with an organized house buying plan, your real estate experience need not be as complicated as you might think.

Here are some steps to help you in your real estate purchase.


1. Before looking at houses, you should first get your financing in place and determine how much you can afford to spend. It is important to evaluate your current expenses and debt, and decide how much of your budget you can comfortably spend without leaving you financially over burdened. Getting pre-approved for a mortgage will allow you to know beforehand how much a lender is willing to approve you for. This will allow you to have a clear price range of what you can afford to buy, and save you time.


2. Determine what your requirements are for your new home.. It is important to remember that your new home must not only fit your present needs, but also future ones, i.e. whether you are going to be starting a family or having more children. You also need to choose what area(s) are suitable and also meet your financing. These decisions will help you narrow down your search, and eliminate looking at homes that don’t suit your needs.


3. Decide on whether or not you plan on using a realtor. If you do decide to use a real estate agent, ensure that it is someone who you are comfortable with and who understands your needs. Many realtors have their own websites with current listings, so you can browse the internet to find available properties, as well as researching your agent.


4. Use a scorecard when comparing the homes you have looked at. This will help you to remember each homes features, for later comparison.


5. Familiarize yourself with the home inspection process. By learning about home inspection, you can quickly determine which homes are unacceptable, and thus not waste time looking at unsuitable properties.


Banks and financial lending institutions will most often require some type of mortgage insurance before they approve your mortgage application. While many banks offer creditor insurance, term life insurance is also an option for obtaining coverage. Term life insurance actually has many advantages compared to bank insurance. With term life coverage, you choose the beneficiary of the policy, and are the owner of the policy, instead of the lending institution. This allows your beneficiary to use the proceeds of your policy as best suited, either paying all, part or none of the mortgage. This financial flexibility allows the beneficiary more financial options. Bank mortgage insurance names the bank as the beneficiary, with the proceeds going directly to the lending institution.


Most term life policies can be converted to permanent life insurance once the term has been completed. Renewable and convertible plans can be converted without any further medical questions. A term life policy will usually require a medical questionnaire to be completed by your doctor, prior to approval of your coverage. Your bank may require you to provide additional medical questionnaires in order to re-qualify with new rates.


Bank mortgage insurance only covers the amount of your outstanding loan. As the amount of your mortgage decreases, so does your benefit. Term life coverage remains the same throughout the duration of your term. Most policies will allow you to purchase additional coverage, which provides you with more options as your needs change. It is important to realize that with bank mortgage insurance, your coverage will be terminated when the mortgage is paid off. A term life policy covers you for the entire term, regardless of status of the mortgage.


When applying for a mortgage, research all your insurance options. Consider not only insuring the amount of your mortgage, but all your other life insurance needs. It may be cheaper and easier just to purchase one term life policy, which can later on be converted to a permanent policy, which will provide you with estate planning and taxation options as well.

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# Monday, March 05, 2007
Monday, March 05, 2007 9:05:43 PM (GMT Standard Time, UTC+00:00) ( General Life | Term Life | Whole Life )

In the past 50 years, the role of women in Canadian society has greatly changed. As well as continuing to be wives and/or mothers, women are now playing a vital role in the Canadian business sector.  It is now not uncommon for women to play a major role in the earning of the family finances, with either being the sole wage earner, or at least contributing a significant portion of the income.

Life insurance has traditionally focused on the family "breadwinner", to ensure that if something should happen, the family would be adequately provided for. As women are now assuming greater financial responsibility for their families, it is vitally important for them to examine their insurance coverage. Women need to adequately assess their financial role in their family, and insure themselves accordingly.

As either a sole wage earner, or as a contributor to the family finances, women need to assess not only the loss of income that would occur in case of death, but also what financial goals they wish to accomplish. Life insurance coverage should reflect the ever-growing role that women play in the workplace and the financial success of their families.

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