All about Canadian insurance. Learn the ins and outs and get the latest news.
When it comes to purchasing car insurance, going for the cheapest rate can be tempting in order to save money. After all, rates are already high enough as it is. But you might be surprised what basic things aren’t always included in a base rate. As per Canadian laws, the most basic plans gene.... More »
Life gets busy sometimes. It’s not surprising you might forget to pay your insurance premium. But what does that mean for your coverage? Some insurance is optional, but some — like auto — is mandatory. So, the last thing you want is a cancelled policy. Thankfully, you might not ne.... More »
If your children live at home and will drive your car, even occasionally, your insurance company will consider them “occasional drivers” and will add them to your auto insurance policy. The rule also applies to others living in your household, including relatives and roommates. When sho.... More »
The First-Time Home Buyer Incentive (FTHBI) will officially begin on Monday, September 2. The program was initially announced during the Federal Government’s budget launch in March. The down payment assistance program will be administered by the Canada Mortgage and Housing Corporation (CMHC), and.... 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…