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Monday, November 26

REKEY ALL THE LOCKS IN THE HOUSE YOU JUST BOUGHT


BY FRANK FOURCHALK, VANCOUVER SUNRekey all the locks in the house you just bought



Buying a home is an exciting venture, but there can often be security risks attached to the purchase. I'm referring to those risks that are inherited - either from the builder or the previous homeowner.

Keys are a perfect example. It's exciting to receive the keys to a new home, but you need to ask yourself whether they're the only keys to the house.

Did the previous homeowner loan keys to caregivers, family members, neighbours or cleaning companies that may not have been returned?

This is why you need to rekey all the locks in your new home.

Rekeying should not be confused with replacing a lock. You don't need to replace the locks in your new home to lock out the previous key. A locksmith simply disassembles the lock cylinder - the area that accepts the key - discards the old pins, and replaces them with ones that fit your new key. This is not an expensive procedure, and it usually only takes a few minutes to change several locks.

Today's home insurance companies often frown on folks who don't rekey their new home once they move in. Often when a claim is made, these companies will want to see signs of forcible entry to ensure homeowner neglect was not the underlying cause.

So how do you go about changing the keys to your new abode? There are three ways for the homeowner to tackle this job. If you're a handyman, you may want to remove the locks and take them to your local locksmith. There, your security expert can alter them quickly and easily.

Another option is to check with the previous owner or builder to see if they installed locks that allow the homeowner to rekey them without having to call a locksmith. Unless these locks were installed within the last few years, this may or may not be an option because of today's new technology.

The third option is to call a locksmith who will charge you a service call and labour to remove, rekey and reinstall your locks. For the homeowner who's not so handy, this is the way to go. An advantage to calling in a professional locksmith is that he or she will point out any lock deficiencies you may have. Often they will find what I call "handyman specials" where the locks are malfunctioning or installed wrong because of an inexperienced builder or homeowner's handiwork.

Remote garage door openers can also be an inherited security risk to new homeowners. Changing the frequency code on your remote door openers is as important as changing the keys to your home. Remotes are often loaned to tradesmen, gardeners and other family members. Unfortunately, when you purchase your new home, there's no way of telling how many remotes operate your overhead garage door.

The only sure way of making this area secure is to change the frequency codes. This is a simple procedure for most garage door openers. Often the instructions on how to do the change are listed on the opener itself (located near your garage ceiling). If you can't find the instructions, you should be able to Google the manufacturer's name and download the operating manual.

And don't forget to check and see if your new home has an overhead garage door digital keypad, which is used to open and close the door from the outside. These units are usually on the outside of the door.

These convenient push button units allow the homeowner access to the garage by entering an access code. Their main purpose is to allow access into the garage without having to carry a remote or having to enter the garage through the house.

The frequency codes in these units must be changed to prevent previous code holders from entering their code and accessing your garage. In most cases, changing the code on these push button door controllers is no more difficult than changing a remote control unit. Often the instructions on how to change the entry code are printed on the inside of the keypad lid.


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Posted by Leanne Feener at 1:30 PM No comments:

Friday, November 23

Homes in Burlington/Hamilton expected to see price increases




Burlington/hamilton is expected to see price increases of 7%

Housing prices and sales in Hamilton and Burlington are stronger than most other Canadian markets this year and will likely continue that pattern in 2013.
That’s according to a new 2013 outlook report from ReMax.

The real estate company examined data from 26 major Canadian markets and found that housing sales will meet or exceed 2011 figures in the majority of cities. Regina is the frontrunner with expected average price increases of 8 per cent and Hamilton-Burlington, Toronto and Fredricton are expected to see price increases of about 7 per cent.

Canadian home sales in 2013 are expected to nearly mirror the 2012 figures. That’s better than forecasted by some economists, given the global economy.

But ReMax says Canadians have been showing more restraint around consumer purchases in general and the economy is showing improvement. That, coupled with low interest rates, has provided a solid environment for the industry.

Conrad Zurini, a ReMax broker of record in the Hamilton CMA and a co-author of the report, said Hamilton is enjoying increased attention from GTA buyers.

The average price of homes in Hamilton and Burlington is forecast to appreciate 7 per cent to $358,000 in 2012, up from $333,498 last year.

“We had really robust market at the beginning of the year through the summer. We saw housing inventory drop by 15 per cent (in October) so that has put upward pressure on the price of homes,” he said.

But Zurini cautions homeowners to consider that, while the average price of homes in Hamilton is expected to increase next year by about 7 per cent, the price of each individual home is also based on location, age and a host of other factors.



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Posted by Leanne Feener at 7:17 PM No comments:

10 home repairs everyone can and should do!



Sometimes it can be too easy to just call the repairman and get out your chequebook. Leaky faucet? Tub tile cracked? Call.
Here are 10 repairs that every home owner should know how to do — for a fraction of the cost of calling a pro.
“Some projects might seem a little dirty, but a bar of soap is a lot less expensive than an hour of a handyman’s time,” says Daniel Vannoni, founder of the website ProperSee, which connects consumers with home repair information.
1.Change a showerhead
Why: “Showerheads can clog with mineral deposits and sediments over time, and newer models have low-flow designs saving on your water consumption without sacrificing the strength of spray,” Vannoni says.
Tools: Crescent wrench or slip-joint pliers and Teflon tape
Time: Five to 15 minutes
More help: Home repair expert Barbara K of AOL’s home improvement channel provides guidance in a video titled How-To Change a Showerhead, on YouTube: http://www.youtube.com/watch?v=fHBaTCKcYPU
2.Fix a running toilet
Why: It wastes water and has an annoying sound.
Tools: A flapper replacement kit from the hardware store
Time: Five to 15 minutes
More help: Check out Howcast’s video How to Fix a Running Toilet on identifying and fixing your porcelain throne’s issues: http://www.howcast.com/videos/112977-How-to-Fix-a-Running-Toilet
3.Change a light fixture
Why: Swapping out a light fixture can turn around a room.
Tools: Wire tester, screwdriver, pliers, electrical tape and ladder
Time: 30 minutes, depending
More help: Buildipedia’s YouTube video How to Replace a Light Fixture gives some safety and DIY tips:http://www.youtube.com/watch?v=jRFKsnyidjA
4.Stem a washing machine water supply hose leak
Why: The hose and washers need replacing.
Tools: Adjustable locking pliers
Time: 20 to 30 minutes
More help: Home repair guru Ron Hazelton shows you How to Replace Washing Machine Hoses:http://www.ronhazelton.com/tips/how_to_remove_and_replace_washing_machine_water_supply_hoses
5.Fix cracked ceramic tiles
Why: Safely remove the broken tile to replace with a new one.
Tools: Safety glasses, hammer, chisel, grout saw, adhesive, new tile and grout
Time: One hour
More help: Eric Stromer gives step-by-step instructions to Replace a Broken Tile on YouTube:http://www.youtube.com/watch?v=WGWmuDCAkS8
6. Keep the dishwasher door gasket/seal from leaking
Why: The rubber seal is worn down and needs replacing.
Tools: A new gasket (take the old one to your hardware store along with the dishwasher model number)
Time: 10 to 15 minutes
More help: RepairClinic.com gives a quick Door Gasket Replacement demo: http://www.youtube.com/watch?v=Qe-zNyP02Z8
7.Replace the furnace filter
Why: It keeps your air clean, prolongs the life of the appliance and reduces energy costs.
Tools: Just a new filter
Time: Two seconds (once you identify the filter location)
More help: Check out this How to Change a Furnace Filter for Dummies video: http://www.youtube.com/watch?v=SGYrVgFSzV4
8.Fix a leaky faucet
Why: Dripping plumbing wastes water, leads to stains and causes an annoying sound.
Tools: Faucet repair kit, which should include any needed hardware, plus a wrench set and Philips screwdriver
Time: 20 minutes
More help: Lowe’s shows you How to Fix a Leaky Faucet With a Single-Handle Design:http://www.youtube.com/watch?v=A7e2bIfP8Us and How to Fix a Leaky Faucet With a Two Handle Design.:http://www.youtube.com/watch?v=oRls_2q4AHA&feature=relmfu
9.Regrout your tub
Why: Remove old grout that’s cracked or mouldy to prevent deep-water damage.
Tools: Screwdriver for scraping as well as grout and a sponge
Time: 30 to 60 minutes, plus drying time
More help: Los Angeles contractor Chris Wade demonstrates How to Regrout a Bathtub:http://www.youtube.com/watch?v=4uyn5RmLzyc on a flamingo-pink tub.
10.Repair small wall holes and dents
Why: Smooth out your wall to prep for a clean paint job.
Tools: Mesh, spackle, putty knife and sandpaper
Time: 10-plus minutes
More help: AOL’s Barbara K shows you How to Patch or Repair a Hole in a Wall: http://www.youtube.com/watch?v=y4yqVFb96bo
McClatchy-Tribune News Services

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Posted by Leanne Feener at 2:00 PM No comments:

Thursday, November 22

RANGE HOODS FORM OR FUNCTION?


Under the hood: Style, power and a purr

RANGEHOOD2

Courtesy of FuturoFuturo's Concorde range hood is a 36-inch wall-mounted model.
1 of 6
Above every stove or cooktop hangs an opportunity to express yourself.
No more are we stuck with a boring, bulgy box that howls from a space beneath the spice cabinet.
Now that the kitchen is one of the most popular places to gather, range hoods are evolving and competing to be a focal point.
They are floating elegantly above a voluptuous kitchen island and commanding attention from a wall.
Make the right choices, and you can have a sleek new kitchen ventilation system that has power and a purr — for an investment starting at about $400, plus installation.
It would be easy to spend a lot more. Prices for custom and high-end decorative hoods can quickly climb to thousands of dollars.
Homeowners are turning on to the trend. From the artsy to designs with attitude, decorative range hoods are turning up in settings from contemporary to traditional.
Form over function? Not necessarily. Range hoods are more powerful than ever, with blowers moving air at rates from about 400 to 1,300 cubic feet a minute or more. Check online consumer reviews to avoid noisemakers.
The might and muscle is important these days. Ranges in many homes are big, sometimes six to eight burners.
That’s a lot of territory for a range hood to cover to remove the grease and steam bubbling up from the pots and pans.
“If it isn’t leaving the house, (the greasy steam) is on — guess what: beautiful new cabinets, carpeting, upholstery, walls, pictures and you,” says Jan Byers, manager of the Sub-Zero/Wolf showroom in Charlotte, N.C.
Many homeowners still prefer traditional decor. About 70 per cent of customers want a traditional look when they come to Ferguson Bath, Kitchen & Lighting Gallery, in Charlotte, North Carolina. A custom hood built by a cabinet maker is often their choice.
A hood can be built to match the cabinets and the size of the range.
“If you can draw it on a CAD (computer-aided design) program, they can make it,” said Liz Gant, Ferguson’s appliance manager.
A custom hood will need a liner and an insert, which includes all of the innards that do the dirty work.
A decorative range hood is a second option. The single unit combines a hood and insert. These often have a more contemporary look.
Lighting is usually built into a ventilation system. Halogen, florescent and LED fixtures are common.
While design is important, customers want a model that works well above all. That means power without the howl.
“The No. 1 concern is consumers want something quiet,” Gant said.
A family that cooks four times a week can produce about a gallon of grease and two gallons of water in the form of steam every year, says Byers. The blower in the kitchen’s ventilation system is designed to remove both.
The best option is a blower that is vented to the outdoors. Range hoods that recirculate air through a filter generally don’t perform as well.
The strength of the blower should be based on the size and features of the range.
The Charlotte Observer

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Posted by Leanne Feener at 2:00 PM No comments:

Monday, November 19

When can you walk away from a house deal?



By Mark Weisleder 


Putting your home up for sale can be a tough decision, but once made and the ball is rolling, you may not be able to change your mind. Last week’s column about a $3.3 million home sale that went wrong for the seller prompted several related questions from readers.
Here they are:
Is there a buyer’s remorse period in Ontario?
If you are buying a new condominium from a builder, you have 10 days to change your mind. You do not need a reason. This does not apply if you buy a new house from a builder and does not apply if you are buying a resale home or condominium. Why condos only? The clause is included in the Condominium Act.
Can a buyer sign an offer and then walk away?
The Ontario real estate contract gives a buyer 24 hours to pay the deposit, once the offer is accepted by the seller. The buyer cannot just change their mind or they can be sued.
For example, the buyer offers $300,000 for a house which is accepted. The buyer changes his mind and doesn’t pay the deposit and walks away from the deal. The seller resells the property for $275,000. They can still sue the first buyer for the difference, or $25,000.
Can buyers use conditional clauses as escape hatches?
Most real estate contracts are conditional on the buyer being able to get a mortgage and being satisfied with a home inspection. Other conditions include being satisfied with a condominium status certificate when buying a resale condo.
Many buyers think these conditions give them the right to just change their minds. It is not that easy. The case law has demonstrated that buyers must try and satisfy any condition in good faith. This means that you need a legitimate reason why you found the home inspection report or condominium status certificate unsatisfactory.
Who gets the deposit when buyers change their mind?
In most cases, the deposit is held by the seller’s real estate brokerage, in trust. Under the law, when a deal breaks down, the brokerage cannot pay the deposit to anyone without either a mutual release or direction signed by both the buyer and the seller, or an order of the court. As such, when deals do not close, if there is no agreement, the deposit can be locked up for a long time, and the buyer will not have access to it to make an offer on another property.
Is there a “legal” way for a buyer to get out of a deal?
It depends. If for example, there was a right on your title for the City to access 20 per cent of your property for any reason, known as an easement, and that was not disclosed to the buyer, they can usually cancel the agreement without penalty. However, there have been other cases that indicate if there is a problem with a city work order or title problem for which the seller can obtain title insurance to protect the buyer, then the buyer cannot refuse to close. A buyer can also cancel if there has been substantial damage to the property before closing, such as a flood that was not repaired. You can’t refuse to close if the oven is not working.
The better answer in all of these situations is to be very careful and serious before you make any decision to buy a home. Changing your mind later can be very expensive.


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Posted by Leanne Feener at 1:00 PM No comments:

Friday, November 16

7 TIPS FOR MAKING YOUR CONTRACTOR YOUR ALLIES


It often seems we hear more bad stories than good when it comes to client-contractor relations. Miscommunication on both sides is a common culprit.

In my experience it has been easier to discuss issues and salvage existing relationships than start over completely with a new company. Thanks to mutual respect and an awareness of each other's expectations, my contractors and I have build lasting relationships. They feel vested in the project and take a personal interest in helping me look good in the eyes of my clients.

Here are a some tips that have helped me get the best from my contractors — and from other service professionals as well.
by Janet Paik
by Janet Paik
by Janet Paik
Remember that payment is paramount.Pay your contractors in a timely fashion, in accordance with the work completed. This point cannot be stressed enough. Your payment allows the contractor to pay his or her subcontractors, vendors and suppliers.

It's important to both parties that the project remains on schedule. Delayed payment or no payment at all makes it difficult to keep workers onsite and for the contractor to maintain a business. As added protection, it's recommended that you withhold 10 percent of each gross progress payment as a retainer. Once the job is complete, pay the retainer in full.

by Janet Paik
by Janet Paik
Know that small gestures count. There are times during a project when a little thoughtfulness goes a long way. When crews are working overtime at your request to complete a task, have their meals delivered to the site. Your contractor will appreciate your considering their nutritional needs. You'll also have the advantages of keeping the break shorter, relieving them of the inconvenience of leaving the jobsite and keeping their bodies fueled for their work.

by Janet Paik
by Janet Paik
Be accessible. When decisions need to be made and time is of the essence, an owner that is inaccessible makes the job more difficult, especially in stressful situations. If your schedule prohibits you from being available, consider hiring a project manager to oversee the daily work and make decisions on your behalf.

by Janet Paik
by Janet Paik
Give your contractor referrals and honest feedback. People tend to be more vocal when they encounter problems and less vocal when they've received exceptional service.

There's nothing wrong with expressing either type of opinion, but do it constructively. If there were problems on the job that would cause you to think twice about working with your contractor again, take a moment to make your concerns known. Your contractor then has the opportunity to improve the level of service and provide you with an incentive for giving him or her another try.

Conversely, if your contractor has provided you with a job well done, do not hesitate to refer him or her to others.

by DKOR Interiors Inc.- Interior Designers Miami, FL
by DKOR Interiors Inc.- Interior Designers Miami, FL
Effectively communicate the timeline and deliverables. Before each of the contractor's respective phases begins, each party needs to have a realistic expectation of the time it will take to start and finish the task. Timelines can be compromised due to delays from preceding contractors. Proper time should be allotted to meet expectations and maintain the contractor's level of workmanship.

b
Be considerate of your contractor's time.Without the mutual agreement of both parties, do not contact your contractor outside of normal business hours. Contractors, like you, have commitments to fulfill outside of work, even if they are just spending time with their own family.

by Kenny Grono
by Kenny Grono
Have a defined set of plans and specifications. Unless the contractor runs into unforseen circumstances, a good set of plans and specifications speaks for itself in your absence.

If your contractor is installing finishes, with a set of plans there is no miscommunication regarding what material goes where. Do not confuse your contractor with your designer. Contractors are hired to install your products, not to create your vision.


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Posted by Leanne Feener at 1:00 PM No comments:

Thursday, November 15

THE RIGHT OVEN ARRANGEMENT FOR YOU




In the classic range setup, the cooktop and oven are combined as one appliance, most often a 30-inch appliance with four burners above an oven. The idea of being able to have a separate wall oven (or two!) is pretty exciting for many home cooks thinking about a kitchen remodel.

Are you considering new cooking appliances? Not everyone's dream setup will work in his or her kitchen, and some appliance configurations work better than others in a given space. Check out the options here.

Related: How to Remodel Your Kitchen
modern kitchen by thirdstone inc. [^]
by thirdstone inc. [^]
by thirdstone inc. [^]
Double oven. Ovens separate from the cooktop offer homeowners more flexibility with their layout. Also, many people prefer raised ovens rather than having to bend down to use a range oven. It's definitely better on your back! If you've got room for this arrangement and can find a spot for your microwave, this is a great setup. In a kitchen like this, a microwave drawer hidden on the back of the island is a great solution. The main sink on the island allows for the sleek electric cooktop to be located on the back wall.

Variations: Double ovens typically come in 24-, 27- and 30-inch widths; the overall heights vary.
modern kitchen by NVS Remodeling & Design
by NVS Remodeling & Design
by NVS Remodeling & Design
Stacked double oven. This is the most familiar setup, and most manufacturers carry versions of this appliance. Most cabinet manufacturers also offer standard tall oven cabinets for this type of appliance. The double oven unit often has one or two drawers below; the appliance is about 10 to 16 inches or so off the ground, including the toe-kick space.
contemporary kitchen by Mark English Architects, AIA
by Mark English Architects, AIA
by Mark English Architects, AIA
Single oven, microwave and warming drawer combo. This arrangement is also pretty typical. It's terrific if you've got room for a tall cabinet. (I like it best next to other tall pieces, like a refrigerator pantry, as shown here.) This setup is also a great way to make the room for all three of these appliances. I even like to do this with a range so you get an extra oven. This kitchen shows this option with a cooktop and an oven below in the island instead, which makes sense for this kitchen.
modern kitchen by NURIT GEFFEN-BATIM STUDIO
by NURIT GEFFEN-BATIM STUDIO
by NURIT GEFFEN-BATIM STUDIO
Raised side-by-side single ovens. This is an arrangement seen more frequently in modernand contemporary kitchens. It's possible that your cabinet company may offer a single-oven tall cabinet. You can do two of these side by side and make the upper and lower sections a food pantry.
modern kitchen by Debra Toney
by Debra Toney
by Debra Toney
In some modern kitchen designs you'll see slightly raised single ovens set side by side, alone or with a warming drawer underneath. This can be used as a design element — it gets you a bit of raised, bar-height counter space so you don't lose all that to a couple of tall cabinets. In this kitchen the design creates a semiopen space with the raised ovens; the framing around the refrigerator unit creates a room partition of sorts.
contemporary kitchen by Cynthia Karegeannes, Registered Architect
by Cynthia Karegeannes, Registered Architect
by Cynthia Karegeannes, Registered Architect
Base single ovens, alone or in tandem. Another arrangement is a separate wall oven or two in base cabinets. Shown here flanking a range top is a pretty unusual setup. Some might ask why not just do a 60-inch range with two full-size ovens and more burners? Sure, that would work, but in this case the homeowner is getting a bit more counter space.
eclectic kitchen by Andrew Melaragno, AIBD
by Andrew Melaragno, AIBD
by Andrew Melaragno, AIBD
A setup with two single ovens side by side with base cabinets also works, and it allows you to keep more counter space as well as opposed to having a tall cabinet. Also, some kitchens just don't have the room for tall cabinets, which can make a kitchen feel smaller.
modern kitchen by Lucy McLintic
by Lucy McLintic
by Lucy McLintic
A single wall oven set in a base cabinet under a cooktop is also an option, but be careful — not every combination of this setup works with every manufacturer. You need to make sure there's room for the cooktop to fit above the oven.
contemporary ovens by Rebekah Zaveloff
by Rebekah Zaveloff
by Rebekah Zaveloff
BlueStar Wall Oven »
In addition to the well-known built-in oven options, there are a few unique models that take you off the beaten path. This 36-inch gas wall oven with French door access is a commercial-style wall oven for the home kitchen.
ovens by Thomas Farago @ Appliance Canada Castlefield
by Thomas Farago @ Appliance Canada Castlefield
by Thomas Farago @ Appliance Canada Castlefield
Thermador Collection »
Rotisseries are fun accessories for your wall oven. My husband went through Cook's Illustratedand its multiple chicken roasting techniques: rotisserie, grilled, grilled on a beer-can stand, in a roasting dish trussed and nontrussed, turned and not turned — try it out for yourself and find your favorite method!
modern ovens by Smeg USA
by Smeg USA
by Smeg USA
30-Inch Electric Oven SOU330X - $2,150.00 »
Full extension racks à la the kind you get in your cabinet rollout shelves these days are welcome wall oven accessories.
contemporary ovens by Rebekah Zaveloff
by Rebekah Zaveloff
by Rebekah Zaveloff
GE Profile 30" Single-Double Electric Wall Oven - $2,697.30 »
Don't have room for more than one wall oven? Get two in the space of one.
contemporary ovens by AJ Madison
by AJ Madison
by AJ Madison
Steam Oven With Convection Steam Cooking - $2,699.00 »
Steam ovens are a fabulous new addition to the appliance market. Healthy cooking, moisture without added fat and being able to proof bread are just some of the perks that come with this clever unit.
Posted by Leanne Feener at 2:43 PM No comments:

Friday, November 9

It costs $155K to raise a kid in Canada until the age of 18




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Different Ways to Insure a Mortgage



Our home is one of the biggest and most important financial assets we own in our lifetime, and our mortgage is typically one of our biggest debts.

Recently, Jack and Shannon asked me if it was better to buy mortgage insurance through the bank or if they should purchase a term life insurance policy through their insurance broker. Here are some factors for Jack and Shannon to think about.

The death benefit

With mortgage insurance, the death benefit declines as the mortgage balance declines and the benefit is paid directly to the bank. For example, Jack and Shannon are getting a $265,000 mortgage, which means the mortgage insurance would start at $265,000 of coverage. After five years, the mortgage balance would drop to $240,500, but so would the mortgage insurance coverage.

With term life insurance, a $265,000 policy would have the same death benefit regardless of the mortgage balance. Although the policy is designed to pay off the mortgage, it is a separate policy from the mortgage. They could designate any beneficiary with the intent that the proceeds would be used to pay off the mortgage balance. Any extra proceeds above the mortgage amount would go to beneficiaries. With mortgage insurance, there would be no extra.

What is the cost?

Comparing the cost of mortgage insurance to that of a term life insurance policy is challenging, because it's not always an apples-to-apples comparison. The one thing I always suggest is to shop around for the best price. That being said, here are a few generalizations I can provide.

With mortgage insurance, the cost of the insurance stays the same despite the declining death benefit. Continuing with Jack and Shannon's example, after five years, although the death benefit drops from $265,000 to $240,500, the monthly cost of the insurance does not drop.

With a term insurance policy, the cost also stays the same for the length of the term. For example, if you buy a 10-year term policy, the premiums will stay the same for 10 years but then will increase for the next 10 years. Many life insurance agents would suggest a 20-year term policy for mortgage insurance coverage. In a case where the amortization period of the mortgage is longer than 20 years, premiums would go up after that period. The death benefit could be reduced at that time to reflect a lower mortgage balance.

Generally speaking, if you are healthy, buying a personal term insurance policy will likely be cheaper than getting the mortgage insurance from the bank. However, if you are a smoker or have health issues, the mortgage insurance may be the more cost effective option.

Will your claim be paid?

When you apply for personal life insurance, you must get a medical; all of the underwriting is done prior to the policy being issued. Mortgage insurance offered through the banks is different. In most cases, there is no medical - just a really long questionnaire that's not always easy to read and understand. With mortgage insurance, part of the underwriting is done at the time of claim, which has proved to be problematic at times. A while back, CBC Marketplace did an investigation into mortgage insurance and found two people that were denied claims after paying premiums on their mortgage insurance policy because of inconsistencies on the application. So even though you are paying for mortgage insurance, you may not actually be covered, because part of the underwriting is done after the claim has been made. This highlights the importance of completing these medical questionnaires properly and the benefit of buying insurance from a qualified, licensed insurance agent who knows what the insurance companies are underwriting.

Portability and flexibility

When you buy mortgage insurance through the banks, the policy is attached to a specific mortgage. If you move your mortgage to another company, you may have to re-qualify for new mortgage insurance coverage through the new financial institution.

With a personal life insurance policy, you own the policy regardless of where the mortgage is taken out. If you wish to change the coverage, you have the flexibility to make changes.

With mortgage insurance there is basically one policy for everyone. With personal life insurance, there is opportunity and flexibility to customize these policies to your personal needs.

The whole point of having mortgage insurance is to make sure the mortgage is paid off in case of death. It sounds like a simple concept, but there may be more to evaluating mortgage insurance than you might think.

Make sure you do your homework before signing on the dotted line.


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Posted by Leanne Feener at 12:00 PM No comments:
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