New mortgage rules to steer consumers to big banks + MORE Dec 1st

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The post 10 auto insurance myths you should stop believing now appeared first on MoneySense.

Are you thinking about going to one of the smaller non-bank lenders for your next mortgage? If your property is worth more than $1 million you may be out of luck.
That’s just one of the conditions consumers shopping for a mortgage will now need to consider as the latest round of federal mortgage rules take hold. Under the new rules non-bank lenders will likely have to turn away sizeable portion of mortgage seekers, leaving the big banks as their only option. For consumers it will mean less choice and higher rates on their next mortgage.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}How much more you need to earn to buy a home
The new regulations, which kicked in on Nov. 30, impose stricter limitations on the types of mortgages that will qualify for mortgage insurance. In the past these tighter rules targeted risker, high-ratio mortgages, but the government is extending some of these same rules to less risky low-ratio loans…

(Illustration by Jeannie Phan)
Two years ago, Sadie, a 30-year-old writer, took a Caribbean cruise. Between buffets and day trips, she had an appendicitis attack that required her to be airlifted to Florida for surgery. The cost? About $35,000 Cdn. out of pocket because she had forgotten to get travel health insurance that would have cost her just $25 Cdn. “For how little it costs, it isn’t worth worrying about,” says Tim Landry, a benefits specialist. “But people often overlook it—or simply think it will never happen to them.” Here’s how to get the right travel insurance every time you vacation.
Check your benefits at work
Many employers provide travel health insurance. Call your benefit administrator and ask where you can find the travel card with the 1-800 number on it (usually online). Print it off and keep it with you as you’ll need it if you have a medical issue while away.
Do you have to pay upfront?
With employer health insurance plans, you’ll sometimes have to pay for medical services up front and be reimbursed later…

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You can get married, but if you really want to to make a commitment to one another, take on a mortgage.
That’s because a mortgage is a commitment that survives, even if both of you don’t. Sounds a bit morbid but couples need to consider what happens should one of you die. If this were to happen, the surviving spouse would still be responsible for paying the mortgage. Yet, most couples base their mortgage payments on two incomes—and this can create a real problem should only one of you survive to pay the bills. 
To help mitigate the risks of too many bills and not enough money, consider life insurance. To help you sift through the options, Bruce Sellery offers some insight.
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The post Nothing says commitment like a mortgage appeared first on MoneySense.