5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st

These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake.

With the buffet of mortgage options available today, it’s easy to contemplate a switch before your term is up. Variable-rate mortgage holders, in particular, might feel as though their feet are being put to the fire, as the Bank of Canada seeks to deal with runaway inflation with higher interest rates.

With every hike to the benchmark rate—and economists expect more to come in the remainder of 2022—variable-rate holders see the costs of their mortgage climb. They’re not alone: A number of people with fixed-rate mortgages are looking a renewal at some point this year, and the higher costs that await are enough to make any home owner reconsider their options.

If you’re thinking about shopping around for a cheaper mortgage, it’s important to read and understand the fine print before you make a move, or you could be surprised by fees and service changes that make your new and “better” home loan much less of a deal…

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Life insurance shouldn’t be one of those things you put off thinking about—because you (and the people who depend on you) could need it at any time. But many do wonder if it’s worth the monthly premiums. How do you know if it’s necessary? Why do we need life insurance anyway?

“In general, life insurance is most necessary when you have dependents who would be impacted financially by your death,” says Lorne Marr, director of business development at Hub Financial and founder of LSM Insurance, an insurance brokerage in Markham, Ont. “Typically, life insurance is used as a way to pay off a large debt, such as a mortgage on a home that you want to leave to your heirs.” But technically, you do not need life insurance. Unlike car insurance for drivers, it’s not required by law in Canada.

Why you may need life insurance

If you have a spouse and kids, ask yourself: What do you want to happen to them when you’re gone? Chances are, you’d like for them to maintain their current lifestyle, as opposed to dealing with financial uncertainty or having to move out of their home…