Mortgage Planning

Being a home owner is a job that never ends and one that can, at times, be financially overwhelming. Your single largest investment  comes with a good deal of responsibility. Not only do you need to ensure that you are financially prepared to make the initial purchase, you also need to be ready for recurring costs like maintenance, taxes, and insurance.  Whether you're purchasing a new home, making renovations to your current home, or looking for insurance advice, we'll walk you through whatever stage you are in.


The largest purchase of your life and will have a major impact on you financially. There are many factors to consider before buying a home. We will assess all the costs from taxes, renovations, mortgage rates, to your current financial responsibilities to help you determine if now is the right time for you to buy a home. 

Mortgage Insurance vs. Life Insurance:
Options for Mortgage Protection.

Your home is probably the biggest investment you'll ever make. When you arrange a mortgage with a financial institution, they must ask you if you want to insure your mortgage through them. But mortgage insurance from your bank or mortgage lender may not be your best alternative. Life insurance will give you more options and greater control over mortgage protection. Compare the advantages through purchasing life insurance to what happens when your mortgage lender insures your mortgage:

Mortgage Insurance

  • Your insurance covers only your mortgage balance. 
  • Even though your mortgage debt reduces over time, your premiums remain level.
  • If you die, only the outstanding balance on your mortgage is paid off. The mortgage lender is automatically the beneficiary.
  • If you take your mortgage to another company, you may lose your existing mortgage insurance and may be required to re-qualify for new mortgage insurance.
  • You lose all your coverage when your mortgage is repaid, assumed or in default.
  • You have no flexibility to change your coverage as your needs change.

Wouldn't it be better to own your policy and maintain control over this important protection? Before you sign anything, let us show you a better way to guarantee the repayment of your mortgage.

Life Insurance

  • You can choose from different types of insurance (i.e. term or permanent) with a death benefit to cover more than just your mortgage.
  • Your coverage amount does not decrease over time unless you choose to change it.
  • If you die, the death benefit is paid to your beneficiary who can use it as they see fit, not just to pay off your mortgage.
  • You name the beneficiary.
  • If you take your mortgage to another company you keep your existing insurance, so you don't have to re-qualify.
  • As long as premiums are paid your coverage remains in place, even if your mortgage is repaid, assumed or in default.
  • If you decided you need coverage only until your mortgage is repaid but later realize you require coverage for other needs, you can convert your insurance to a permanent plan.

CBC Marketplace "In Denial"

Why you might reconsider getting mortgage insurance with a bank.