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Q. I’m about to start a home renovation. What type of paperwork and contracts should I have with the contractor? And do I need any type of insurance in case anything goes wrong, or am I already covered under a home insurance policy? –Sharon A. These are all good questions, Sharon. Let’s start .... More »
Q. I am starting up a small business where I will manufacture, market and sell my own products online. I will use a room in my home as an office. What type of insurance do I need? –Paul A. Hi Paul. An insurance policy protects you against defined risks. Although I haven’t seen your home insuranc.... More »
On October 20, 2019, Scotiabank identified a technical error where legitimate charges on certain customers’ credit card statements were mislabeled as “BNS Scotia Life Insurance.” The mistaken charges all took place between October 18 and 20. Many customers were angry and took to.... More »
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 »
The brokers here at Baker & Baker Benefits have been helping Canadians get life insurance for several years now, and we enjoy passing on our knowledge and experience to the Canadian public. In keeping with this spirit, here are some insightful tips on how to save money when buying a Canadian lif.... More »
Finding you the best financial practices is what gets us up in the morning. And our staff is a great resource for these ideas. So we polled the staff in our office to ask one simple question: What mortgage hacks do you use to speed up your mortgage payments?
Here are their best tips for getting out of debt early:
Get a Head Start
The Down Payment
Find acceptable sacrifices to save a bigger down payment. If you have RRSP funds, leverage the RRSP homebuyers plan. If you can amass a 20 percent down payment, you’ll save thousands in mandatory mortgage insurance premiums. (Mortgage default insurance is required when your down payment is below 20 percent).
Compare Mortgage Rates
Make sure you are fully aware of all the mortgage options available to you, and compare mortgage rates at RateSupermarket.ca. Saving just 1/4 percent off your rate could save you thousands – and if you use those savings to make extra payments you’ll pay down principal even faster, compounding the interest you save…