Secret home insurance discounts + MORE Sep 5th

It’s been around since 1970, primarily as an alternative and commercial lender. But now, effective Wednesday morning, Equitable Bank becomes Canada’s newest prime mortgage lender. Equitable is rolling out a slate of mortgage products, both high-ratio and conventional, under the brand name “EQB Evolution Suite.” The bank’s new offerings include: 3- to 5-year fixed and variable terms (Equitable […]

(iStock)
You read about how being mortgage-free and/or owning a new home can save you up to 25% on your home insurance bill in the September/October 2014 issue of MoneySense. Here are 10 more home insurance discounts you may not know about.
Mature discount
Some providers offer 10% off if the insured is 45 years of age or older.
Affinity discounts
Many providers offer discounts for union members, employees of certain organizations and/or alumni of select universities. Be sure to consult your provider’s list of affinity partners to see if you’re a member of any of the participating groups.
Pay in advance
Monthly premiums can be subject administrative costs so ask if it’s cheaper to pay in bulk at the beginning of the year.
Increased deductibles
A deductible is the amount you agree to pay in case of a claim. Your provider covers the rest. Consider increasing your deductible from say $500 to $1,000 or as much as you can reasonably afford in case of an emergency and you should see your premiums fall…

Saw this article today about higher consumer debt levels BUT lower defaults.   Equifax Canada is quoted as saying that consumer debt rose by 7.2% in  the second quarter 2014 to $1.45 trillion ,compared with $1.35 trillion from a year ago. This includes credit cards, loans, lines of credits and mortgages. The average Canadian now […]

Back-to-school season is upon us, and families everywhere are likely feeling the post-shopping pinch. Some good news then, for those who’ve racked up the credit card or taken out a student loan – borrowing costs in Canada won’t be going anywhere in the short term, according to this week’s Bank of Canada announcement.
Get the full story – along with our forecast for this month’s mortgage rates – below, along with the week’s top headlines.
September Mortgage Rates Get a D for Discount
Applying for a mortgage this month? You’re in luck – RateSupermarket.ca’s expert Mortgage Rate Outlook Panel calls for summer’s steep discounts to continue through September. Read on for their full forecast for fixed and variable mortgage rates.
Read Penelope’s Blog | September Mortgage Rates Get a D for Discount
Bank of Canada September 2014 Rate Announcement: No Change… Again
The Bank of Canada released their latest rate announcement this week and – shocker – made no change to the trendsetting Overnight Lending Rate…

RateSupermarket.ca Panel Calls for Fixed Rates to Remain Competitively Priced
Back-to-school season ushers in a fresh start, but there’s to be no new development for Canada’s mortgage market this fall. Stable bond yield levels continue to set the stage for fixed mortgage rate discounts, while economic growth factors fail to rock the Bank of Canada’s boat; the governing lender has announced no change once again for central rates.
Fixed Mortgage Rates: Unchanged
Despite a strengthening Canadian dollar, government of Canada bond yields, which correlate directly with fixed mortgage rate pricing, have remained competitively low. Lenders have followed suit, and these discount-friendly conditions are to linger throughout early fall.
Variable Mortgage Rates: Unchanged
The Bank of Canada has called for no change to central interest rates in the early September announcement, and has taken a neutral stance with policy nuances; improvements to exports and inflation will fail to make a mark until growth is proven to be sustainable, leading to no change for variable-rate mortgages…