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Canada’s Best Aeroplan Credit Cards + MORE Jun 20th
Canadians have been hotly anticipating information about the changes to Aeroplan and Aeroplan-branded credit cards since Air Canada acquired the loyalty program. The good news is that the changes are finalized, and we’ve got all the details about the best Aeroplan credit cards you can apply for.
U.... More »
Health & Wellness Programs Feb 28th
The Importance of Health & Wellness Programs
Life insurance is more than just a policy to cover you in times of death. Your insurance carrier wants you to be healthy, happy and productive. This is why most carriers are offering health and wellness programs, aimed at educating and supporting thei.... More »
Great West Lifeco reports lower Q3 profit due to hurricane related losses + MORE Nov 3rd
WINNIPEG _ Great-West Lifeco Inc. reported a drop in its third-quarter profit compared with a year ago as it was hit by costs related to hurricanes Harvey, Irma and Maria.
The insurance company says it earned $581 million or 59 cents per share for the quarter ended Sept. 30 compared with a profit of.... More »
Over to You, Tom Jul 30th
ObamaCare gave enormous discretion to regulators. Now Team Trump must use it to help insurance consumers..... More »
What is term life insurance and how, exactly, does it work? May 27th
When it comes to conversation-starters, life insurance generally doesn’t rank in the top 10 topics. We get it—who wants to think about the end of their own life? But it’s important to know the ins and outs of life insurance coverage so you leave your loved ones financially secure in the event .... More »
We don’t charge you mortgage insurance: CMHC
– moneysense.ca
CMHC and Genworth don’t charge mortgage insurance fees. Your bank does. (Getty Images / Oxford)We recently got an email from a reader who was quite perturbed. He had saved his money was diligent about his budgeting, and was set to purchase a modestly priced home near Ottawa. But when he went to use the Canada Mortgage and Housing Corporation’s mortgage calculator to figure out his final costs, he was surprised to see an additional $2,500 tacked on to his mortgage. Here’s why:
Q: Every resource I’ve consulted says that a down-payment of 20% or more on a home waives any mortgage insurance premium that I would be required to pay if I were putting down less of a down-payment. However, when I use the CMHC mortgage affordability calculator, and enter a purchase price of $250,000 with a down-payment of $50,000 (20% of the home’s value), it gives me a mortgage insurance premium of $2,500 not $0. My question is why are home buyers told that a 20% or more down-payment is sufficient to avoid mortgage insurance fees, if that’s not the case? —Peeved with Premiums
Dear, Peeved with Premiums: You have a right to be concerned…
