Mortgage, much more than a rate!
Buying a house, the most important financial transaction
For most people, buying a house is the most important financial transaction of their life, as much as emotionally as financially. Choosing the neighbourhood, the type of house, the furniture….
There is a professional that can help you with all the financial aspects of the transaction and even more, his or her services are free and only focused on your well-being.
Mortgage Broker
What are your options and/or penalties should you terminate your mortgage before term? Can you make periodical instalments to lower the capital? Is the financial institution offering the option of weekly payments? Can you add a Mortgaged Credit Margin to your mortgage? Do you need to insure your mortgage? What building inspector should you chose? What notary? How can you make a financial bridge if you sell your house and purchase another at the same time?
A mortgage broker will help you explore further than the simple rate, and free of charge.
The Clinique Financière just added a mortgage broker to its offer of services.
Mortgage and Insurance, yes or no
Should you purchase life or disability insurance to cover your mortgage, do it with a life insurance company, never with the mortgage lender.
Here is why:
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Mortgage Lender (bank or credit union) |
Life Insurance Company |
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The beneficiary of the insurance is the mortgage lender (bank or credit union) |
You chose the beneficiary of your insurance |
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Should you change lender, you must re-qualify. Your state of health could flatly disqualify you. |
Your insurance follows you automatically from one mortgage lender to another. |
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Premiums are identical for a all people of the same age. |
Clients in good health pay less premiums than those who are not. |
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The amount of the insurance is according to the mortgage balance and the mortgage lender owns the insurance policy. |
You designate the insurance amount and you remain the owner of the insurance policy. |
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The amount of the insured capital decreases at the same rate as the mortgage. |
The amount of your insurance will only vary if you ask. |
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In case of death, your insurance will reimburse the lender. |
In case of death, your beneficiary is free to apply your insurance to your mortgage or to pay any other debts. |
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Your ability to be insured can be questioned when a claim is made. |
Your ability to be insured will be evaluated once for all before being granted the insurance. |
Remember that a mortgage lender does not have the right to force you to insure you at his financial institution or to require it as a condition of accepting your mortgage, unless your down payment does not meet the minimum prescribed by law. You can end your mortgage insurance with a mortgage lender at any time and without penalty.
The Clinique Financière just added a mortgage insurer to its offer of services.
Should you be in the process of purchasing a home, do not hesitate to call us about your mortgage and/or mortgage insurance.