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Archive for December, 2014

The purpose of Mortgage Insurance is to provide your loved ones with a way to pay for the mortgage if something were to happen to you, the home owner.
When buying a home, there are 2 ways to protect you and your family – through your bank when you apply for a mortgage or through an insurance broker. Purchasing your coverage through an independent Insurance Broker will insure you get the very best price available and your policy is fully underwritten at the time of application. You will know up front that you are covered. Basically it’s a life insurance policy based on the amount of your mortgage. When you apply for insurance through a bank the underwriting is not done until the time of claim, which could mean that if you get sick or injured at any time prior to a claim you can be deemed NOT eligible for a pay-out even though you have been paying your premiums. Why would you take a risk like this?
The other benefit in purchasing your mortgage insurance through a Broker, is that the total original amount of the policy, not just the mortgage balance, is paid out directly 100% to your beneficiary and they can decide what to do with the insurance money. The bank insurance simply pays the bank for the amount owing.

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When buying a home, your lawyer will talk to you about buying a Title Insurance policy. Your next question is going to be WHY?
A Title Insurance policy offers you many benefits such as:
1. It eliminates the need for an up-to-date survey, real property report or building location certificate (“the survey”), while covering you against defects that might have been revealed once obtained.
2. It covers you against errors in surveys and other official public records or documents related to your property such as registry / land titles office, local municipal offices and tax departments.
3. It protects you in the event of encroachments onto a neighbouring property, zoning infractions, contravention of subdivision, development and other agreements.
4. It may reduce your closing costs by eliminating some disbursements your lawyer might otherwise have to incur.
Your lawyer can obtain a Title Insurance policy on your behalf prior to the closing date. Once a policy is issued and you take title or ownership to the property, your Title Insurance Company that holds the Policy assumes the risk for all covered problems, protecting your right to the property as long as you own it.
So when your lawyer mentions Title Insurance Policy – say YES!

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Do you volunteer?

We all live busy lives but have you noticed the number of people who take the time to volunteer? How and why do they do it?
Especially at Christmas, there seems to be volunteers everywhere and not to brag but I work hard to do my part.
It’s volunteers who plan and produce the Santa Claus Parades and Christmas lighting ceremonies, these people stand for hours in the cold at the Salvation Army Kettles and behind the scenes these great folks work in hospitals, seniors centres, food banks and Christmas concerts, just to make the lives of others better. I applaud you!
It doesn’t take a lot to make a difference in someone’s life. so please make it a goal to get involved in an organization like an Optimist Club, a Boy Scout troop or a church. All you have to do is make the decision that you want to help, to volunteer and you will be welcomed with open arms.
Go ahead, theres no better day to start than today.image

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