#reverse mortgages in Ontario

[menonfinancial]

How Does a Reverse Mortgage Work

As the golden years approach, many homeowners start exploring financial options to ensure a comfortable and secure retirement. One financial tool that has gained popularity among seniors is the reverse mortgage. This comprehensive guide will delve into how reverse mortgages work, specifically focusing on reverse mortgages in Ontario. 

We'll cover the basics, the benefits, the eligibility requirements, and the potential drawbacks. By the end, you'll have a solid understanding of whether a reverse mortgage is the right choice for you or your loved ones.

What is a Reverse Mortgage?

A reverse mortgage is a type of loan available to homeowners aged 55 and older, allowing them to convert part of their home equity into cash without having to sell their home or make monthly mortgage payments. 

Unlike traditional mortgages, where the homeowner makes payments to the lender, with reverse mortgages, the lender makes payments to the homeowner. This loan is repaid when the homeowner sells the house, moves out permanently, or passes away.

How Reverse Mortgages Work

Here’s a step-by-step breakdown of how reverse mortgages work:

Application and Approval: The process begins with applying for a reverse mortgage with a lender. The lender will assess your eligibility based on factors like your age, the value of your home, and the amount of equity you have.

Receiving Funds: Once approved, you can receive the funds in a lump sum, regular monthly payments, a line of credit, or a combination of these options. This flexibility allows you to choose the best way to access your home equity based on your financial needs.

No Monthly Payments: One of the most attractive features of reverse mortgages is that you don’t have to make monthly mortgage payments. The loan balance, including interest and fees, grows over time and is repaid when the home is sold.

Homeownership Retained: You retain ownership of your home and can continue living in it as long as you meet the loan obligations, such as maintaining the property and paying property taxes and homeowners insurance.

Loan Repayment: The loan is repaid when you sell the home, move out permanently, or pass away. Any remaining equity after repaying the loan goes to you or your heirs.

Reverse Mortgages Ontario: Specifics and Considerations

In Ontario, reverse mortgages are regulated and offered by various lenders. The most well-known reverse mortgage products in Canada are the CHIP Reverse Mortgage from HomeEquity Bank and the Equitable Bank Reverse Mortgage.

Eligibility Criteria

To qualify for a reverse mortgage in Ontario, you generally need to meet the following criteria:

Age Requirement: You and your spouse (if applicable) must be at least 55 years old.

Home Ownership: You must own your home, which should be your primary residence.

Home Equity: The amount you can borrow is based on the appraised value of your home and the amount of equity you have built up. Typically, you can access up to 55% of your home’s value.

Financial Assessment: Lenders will conduct a financial assessment to ensure you can afford to maintain the home, including property taxes and insurance.

Benefits of Reverse Mortgages

Reverse mortgages offer several benefits that make them an attractive option for many seniors:

Supplement Retirement Income: Reverse mortgages can provide a steady stream of income to supplement pensions, savings, and other retirement funds.

No Monthly Payments: Since there are no monthly mortgage payments, reverse mortgages can free up cash flow, making it easier to manage living expenses.

Stay in Your Home: Reverse mortgages allow you to stay in your home and retain ownership, providing stability and continuity.

Flexible Payout Options: You can choose how to receive the funds, whether as a lump sum, monthly payments, a line of credit, or a combination.

Non-Recourse Loan: Most reverse mortgages are non-recourse loans, meaning you or your heirs will never owe more than the home’s value when the loan is repaid.

Potential Drawbacks

While reverse mortgages offer numerous benefits, it’s essential to consider the potential drawbacks:

Accumulating Interest: The loan balance increases over time as interest and fees accumulate, reducing the equity in your home.

Impact on Inheritance: Since the loan is repaid from the sale of your home, there may be less equity left for your heirs.

Costs and Fees: Reverse mortgages come with various costs, including interest rates, origination fees, closing costs, and servicing fees, which can be higher than traditional mortgages.

Obligations: You must continue to maintain the home and pay property taxes and insurance. Failure to meet these obligations can result in foreclosure.

The Process of Getting a Reverse Mortgage in Ontario

Here’s a closer look at the process of obtaining a reverse mortgage in Ontario:

Initial Consultation: Start by consulting with a financial advisor or a reverse mortgage specialist. They can help you understand if a reverse mortgage is suitable for your financial situation.

Application: If you decide to proceed, you’ll fill out an application with your chosen lender. You’ll need to provide information about your home, your financial situation, and your age.

Home Appraisal: The lender will arrange for an independent appraisal of your home to determine its current market value.

Financial Assessment: The lender will assess your ability to maintain the home, including property taxes, insurance, and upkeep.

Loan Approval: If you meet all the criteria, the lender will approve your loan and present you with the terms, including the loan amount, interest rate, and repayment conditions.

Receiving Funds: Once you accept the loan terms, you can choose how to receive the funds. The lender will then disburse the money accordingly.

Ongoing Obligations: As a reverse mortgage holder, you must keep up with property taxes, insurance, and maintenance. Failure to do so can result in the loan becoming due.

Repayment: The loan is repaid when you sell the home, move out permanently, or pass away. The lender recoups the loan amount, and any remaining equity goes to you or your heirs.

Is a Reverse Mortgage Right for You?

Deciding whether a reverse mortgage is right for you depends on your financial situation, goals, and needs. Here are some scenarios where a reverse mortgage might be a good fit:

Supplementing Retirement Income: If you need additional income to cover living expenses or healthcare costs, a reverse mortgage can provide a reliable source of funds.

No Other Sources of Income: If you have limited savings or other sources of income, a reverse mortgage can help you tap into your home equity without selling your home.

Desire to Stay in Your Home: If you want to stay in your home for the long term but need additional funds, a reverse mortgage allows you to do so.

Managing Debt: If you have high-interest debt or other financial obligations, a reverse mortgage can help you consolidate and manage these expenses.

Alternatives to Reverse Mortgages

Before committing to a reverse mortgage, consider other options that might better suit your needs:

Home Equity Line of Credit (HELOC): A HELOC allows you to borrow against your home’s equity and can offer lower interest rates. However, you’ll need to make monthly payments, unlike a reverse mortgage.

Downsizing: Selling your home and moving to a smaller, less expensive property can free up equity and reduce living expenses.

Refinancing: Refinancing your existing mortgage may lower your monthly payments or provide a lump sum of cash.

Government Programs: Explore government programs and benefits designed for seniors, such as Old Age Security (OAS) and the Guaranteed Income Supplement (GIS).

Conclusion

Reverse mortgages can be a valuable financial tool for seniors looking to access their home equity without selling their home or making monthly payments. They offer flexibility and can provide much-needed funds for retirement. However, they come with costs and obligations that need careful consideration.

If you’re considering a reverse mortgage in Ontario, consulting with a knowledgeable financial advisor is crucial. They can help you understand the implications and determine if it’s the right choice for your situation.

For expert advice and personalized assistance with reverse mortgages, consider reaching out to Menon Financial. Their team of experienced professionals can guide you through the process, helping you make informed decisions to secure your financial future.

Ready to explore your reverse mortgage options? Contact Menon Financial today for a free consultation. Their dedicated team will help you navigate the complexities of reverse mortgages and find the best solution to meet your retirement needs. Don't wait—unlock the potential of your home equity and enjoy a more comfortable retirement.

[mortgageloanontario]

How Reverse Mortgages in Ontario Can Secure Your Retirement

As retirement approaches, financial stability becomes a top priority for many homeowners. For those looking to supplement their retirement income without selling their home, a reverse mortgage can be an ideal solution. In Ontario, reverse mortgages have gained popularity as a way to unlock home equity while maintaining ownership of your property. This blog will explore how reverse mortgages can help secure your retirement and give you the financial flexibility you need in your golden years.

What Is a Reverse Mortgage?

A reverse mortgage are allows homeowners aged 55 and elder to access up to 55% of their home's equity in the form of tax-free cash. Unlike a traditional mortgage, you don't make regular mortgage payments. Instead, the loan is payback when you sell the property, move out, or pass away. This product is designed to provide financial freedom without the pressure of monthly payments, allowing homeowners to remain in their homes while accessing much-needed funds.

How Reverse Mortgages Can Secure Your Retirement

Supplement Your Retirement Income: Many retirees find that their savings and pensions aren't enough to cover all their expenses, especially as the cost of living continues to rise. A reverse mortgage can provide an additional source of income, allowing you to cover daily living costs and healthcare expenses or even fulfill long-awaited travel plans. With a reverse mortgage, you can enhance your retirement lifestyle without having to sell your home.

Cover Major Expenses: Homeownership comes with the need for regular maintenance and improvements. Whether you need to replace your roof, update your kitchen, or make accessibility modifications, these costs can add up. A reverse mortgage allows you to tap into your home equity to cover these major expenses without draining your savings. This financial flexibility can ensure your home remains comfortable and safe for years to come.

Eliminate Debt and Reduce Financial Stress: For many retirees, outstanding debts can cause financial stress, especially if you're on a fixed income. A reverse mortgage can be used to repay high-interest obligations, such as credit cards or personal loans, which can free up your cash flow. By eliminating these financial burdens, you can enjoy a stress-free retirement with more peace of mind.

Key Benefits of a Reverse Mortgage

No Monthly Payments: Unlike a traditional mortgage, you are not required to make monthly payments. The loan is paid back when the home is sold or the homeowner moves.

Tax-Free Cash: The monies received from a reverse mortgage were tax-free, meaning it won't impact your pension or retirement income.

Remain in Your Home: A reverse mortgage allows you to stay in your house while retaining ownership while still accessing the equity you've built up over the years.

Is a Reverse Mortgage Right for You?

Reverse mortgages offer a range of benefits, but they aren't suitable for everyone. If you plan to stay in your home for the long term and need access to extra funds without selling the property, a reverse mortgage may be a great option. However, it's important to weigh the costs, including interest rates and the impact on your home's value, before making a decision.

Conclusion: Secure Your Retirement with a Reverse Mortgage in Ontario

For Ontario homeowners looking to improve their retirement finances, a reverse mortgage offers a flexible solution. Whether you need extra income, help covering major expenses, or a way to reduce debt, a reverse mortgage might provide the financial security that you deserve. Before moving forward, it's essential to explore your options, understand the details, and work with a trusted mortgage specialist to find the best solution.

If you're ready to explore how a reverse mortgage can secure your retirement, reach out to Mortgage Loan Ontario today. Our highly skill team can guide you through the process and help you unlock the value of your home for a more comfortable and worry-free retirement.

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[mortgagetailor]

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After years of frenzy in Canada’s housing market during the COVID-19 pandemic, 2022 saw a reversal across much of the industry as the Bank of Canada’s interest rate hikes cooled down the residential real estate sector in cities from coast to coast.

Most economists and experts who spoke to Global News say they expect that cooling to continue into 2023. They cite prohibitively high mortgage rates, low inventory on the market, and uncertainty about where the Bank of Canada’s interest rate cycle will finally peak.

But where will price declines in the Canadian housing sector bottom out? And will all markets and property classes be hit equally? Here are the housing trends and markets to keep an eye on in 2023, according to industry experts.

The latest available data from the Canadian Real Estate Association (CREA) shows that, on a seasonally adjusted basis, home prices in Canada fell 19 percent from the peak in February to November, when the average sale price was $636,838.

When will the bottom come? RBC’s assistant chief economist Robert Hogue said in a note on Dec. 19 that he believes, with the slowing pace of decline in both home sales and prices, there are “early signs the correction is approaching its final stage.”

He said prices could eventually hit a low point in “the early part of 2023,” but cautioned that the timing would vary from market to market. Hogue suggested this bottoming out would coincide with the Bank of Canada stabilizing its benchmark interest rate — the central bank signaled in December it could be near the end of its hiking cycle — and that for those looking to break into the market, this might be where affordability is most advantageous in the year for prospective buyers.

While the spring may mark a low point for prices, Canadian brokerages are not expecting significant shifts between 2022 and 2023.

Re/Max Canada said in its housing outlook for 2023 that the aggregate price of a home is expected to drop 3.3 percent in the year. Royal LePage’s annual survey forecasts a price drop of just one percent.

Chris Alexander, president of Re/Max Canada, told Global News in late November that the Bank of Canada’s interest rates is the “big wild card” that will determine when buyers and sellers alike are comfortable jumping back into the market.

Some cities in Ontario are especially vulnerable heading into 2023, Re/Max projects, with steeper prices and drops expected for the Greater Toronto Area (11.8 percent lower), Barrie (15 percent lower), and Durham (10 percent lower).

Parts of British Columbia are also expected to see declines, such as Greater Vancouver (down five percent), Kelowna (down 10 percent), and Nanaimo (also down 10 percent).

But some pockets of the country are set for growth in 2023, Re/Max forecasts. Re/Max expects prices to rise in cities including Halifax (up eight percent), Calgary (up seven percent), Ottawa, and Kingston, Ont. (up four percent), St. John’s, N.L. (up four percent), and Saskatoon (up three percent).

Corinne Lyall, owner and broker for Royal LePage Benchmark in Calgary says the city is set to do well in 2023 since it didn’t see the dramatic run-up in prices over the pandemic that markets in B.C. and Ontario did.

With Calgary seeing only modest growth during that time, it’s become a more affordable option for people originally living in the more expensive provinces. These people are now able to work from anywhere and can purchase spacious houses for less money, Lyall says.

The benchmark cost of a single detached home in Calgary in November was $630,236, according to the local real estate board, nearly a third of the $1.86-million price tag on the benchmark detached home in Vancouver.

“Our price point is so much lower than in a major city,” Lyall says. “You can buy twice as much house here.” Heading into a period of economic uncertainty, the Alberta market is also buoyed by recent strength in the oil and gas sector, Lyall adds. She believes the backdrop of the traditional energy industry, boosted by Calgary’s efforts to diversify into a tech hub in recent years, sets the city up as an attractive prospect for Canadians looking to relocate.

“I think people are still looking at here as a place of opportunity,” she says. Another part of the Canadian market primed to hold up in 2023 is condos and properties in urban cores, according to experts who spoke to Global News.

John Pasalis, president of Realosophy Realty in Toronto, says that, like Calgary, condos and downtown properties didn’t see major price inflation during the pandemic. Therefore, they will continue to fall as the market cools.

In addition, the return to the office amid a lifting of COVID-19 restrictions is reversing the migration flows from the early days of the pandemic when remote work enabled many to afford larger homes in suburban neighborhoods on the city outskirts and more rural areas.

“People thought this urban exodus during COVID was going to be permanent and no one would want to live downtown,” Pasalis says. “Well, that’s not happening. People are moving back to the city. They want to be located a bit closer to downtown. So I suspect that this market will be a touch busier.”

Nasma Ali, broker and founder of OneGroup in Toronto, says that with borrowing costs at their highest point in years, cheaper condos will be especially “desirable” in otherwise expensive markets.

“For a first-time homebuyer who’s in Toronto, the most affordable asset class is a condo,” she notes. In Calgary, Lyall says the push for condos is already underway. Three years ago, she says the condo market was sitting at eight months’ worth of inventory, but heading into 2023, that’s already down to two months’ worth.

“That is the fastest growing market segment in terms of price right now and in terms of sales, it’s leading the way and we haven’t seen that for a long time.”

The pain of higher interest rates could hit the pre-construction market especially hard in 2023, some experts warn. Ali says that for buyers who put money down on a home in 2020, when interest rates were low, the bar for qualifying for a mortgage is much lower. This is because of the Bank of Canada’s upcoming hikes in 2022. In some cases, these purchasers have locked in their purchase at pandemic prices and have not yet benefited from the recent cooling, she notes. Therefore, they are now forced to pay peak prices at much higher interest rates.

With those homes coming up for completion in the year ahead, these buyers will be forced into difficult positions, Ali says. Some could be forced to come up with extra money to cover a home that wasn’t appraised for the mortgage they needed. In addition, they may not be able to afford the monthly mortgage on the property at today’s higher rates, she explained.

As a result, they may have to assign the sale or sell at a steep loss, Ali said. “If the dominoes fall, usually what this means is that we’re going to have more listings hit the market,” she says.

Pasalis agrees that the pre-construction market is looking vulnerable heading into 2023. Prospective buyers could even find a deal if an investor is desperate to unload their pre-construction condo, he says.

“We’re starting to see some distress among pre-construction condo investors,” he says. “There could be some opportunities as a buyer to get some value because that is the condominium market segment where there’s a little bit more pressure.”

The units are not listed on traditional multiple listing services, though, so Pasalis says that anyone keen to scoop up a unit as it comes up for completion will have to search a little more carefully or proceed directly to the source in their new year housing hunts.

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Depending on the source of the economic downturn, it can strike some cities however not others. The last recession was brought on by the realty bubble as well as it is still on capitalists' minds, making them think that recessions cause depressed real estate rates. Although during the last five recessions, real estate worths just lowered meaningfully once and home rates actually raised 3 times. Please review our post on The Present Property Market vs. the 2008 Real estate Collision for additional info on why the property market is a lot more powerful now than it remained in 2008. Thus, right here are 3 factors to buy genuine estate throughout an economic downturn.

The constant or predictable income from rental properties is what makes investment property ideal during an economic recession. The ability for proprietors to change rental rates is a bush against rising cost of living and transforming rate of interest regularly associated with financial recessions is an additional favorable quality of this income. Raising rent rates during lease renewals enables proprietors to stay on top of climbing costs related to rising cost of living. It must be directed out that even during the real estate rate collapse of 2008, average fair market lease for a three-bedroom residential property, as determined by the U.S. Department of Housing and also Urban Growth, increased at a steady price.

Throughout 3 of those recessions residence costs increased. During the recession of 1991 house prices stayed relatively flat, decreasing just 1. 9%. During The Wonderful Recession of 2008 home costs did loss. Nonetheless, prior to the economic crisis residence costs mored than inflated because of sub prime home loan loaning practices. It can be argued that house prices merely fixed to their real market price. It should additionally be noted that single-family rental properties were in fact positive as a market throughout The Fantastic Economic crisis of 2008. Once once more, review our post The Existing Actual Estate Market vs. the 2008 Real estate Crash for added information on why this economic downturn is different.

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Stock markets and also alternate properties like cryptocurrency relocate down rapidly throughout an economic downturn. One of the characteristics of actual estate investing is its slower-to-move nature. The realty market isn't entirely unsusceptible to volatility, yet it often tends to move a lot extra gradually than other financial investment classifications. Real estate supply available for sale continues to be tight across the country, as house contractors have been slow-moving to create. For an economic downturn to influence the real estate market, it would require to essentially modify this dynamic in between supply and demand. It's even tougher to see the supply scarcities being eased by an economic downturn in a manner that impacted rates.

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The present rate on a 30-year set home mortgage goes to 4. 83 percent, according to Bankrate. For point of view, prices reached highs of 18. 5 percent in 1981, so also a surge above 5 percent would certainly be traditionally fairly reduced. As mentioned at the start of this article, an economic recession does not typically result in a decrease in property costs. As a matter of fact property prices usually boost during a recession while stocks rates drop.

It is necessary for Canadians to remain in Canada for no less than half of the year (or 182 days) in order not to impact their social benefit plans. If they were to surpass this limitation, they would certainly be called for to pay tax obligations in both nations. (Congress is currently servicing increasing this so Canadians would have the ability to remain abroad approximately 240 days.) As an example, if you were to cross the border right into America, remain an hour, reverse as well as return right into Canada, this counts as one day. You can take one lengthy extended stay completing 182 days or a couple of days here and there building up to 182 days.

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residential or commercial property is crucial. If both partners are on title, after that both need to file government as well as state returns. Failure to file might carry fines as high as 30 percent of the gross earnings, with no expenses or reductions enabled. District of home is a concern as well. In Ontario, 153 days of residency should certify you for OHIP, however in other districts, more than 183 days are needed for protection by the provincial health insurance plan. Contact your district and see what they require for residency. Canadians paying United States tax obligation might claim international tax debt government and provincially. Inspect with your lawyer on extra tax credit histories as well as qualifications.

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If you are a homeowner age 55+, you can access up to 55% of your home equity with the CHIP Reverse Mortgage. Discover how you can live the retirement of your dreams. Contact us to learn more. @homeequitybank @geoffreyau (at Markham, Ontario) https://www.instagram.com/p/CiqImzvg4bt/?igshid=NGJjMDIxMWI=

[joanslifeideasblog]

How to use life insurance to save tax and build wealth

Financial planning questions often revolve around investing and retirement planning, but it’s not often someone takes a keen interest in integrating life insurance into their financial plan unless they have come across a particular strategy.

Substitute term insurance for mortgage insurance: If you have mortgage insurance with a bank or trust company, compare the premium cost to owning a term life insurance policy with a life insurance company.

You pay a fixed premium for the life of the mortgage when you buy mortgage insurance. As you pay down the mortgage, your premiums stay the same, but the insurance coverage reduces. If you pass away, the mortgage is paid off.

Compare this to purchasing term insurance with an insurance company. For example, if you and your spouse purchase two individual term insurance policies, the combined cost is often about the same cost as the mortgage insurance.

What is the advantage? With a $500,000 mortgage, you would each take out a $500,000 term policy. Should one of you pass, the other would receive $500,000 in cash with the option to pay off the mortgage. If you both pass — say, in an accident — your children would receive $1 million, the proceeds of both policies. Isn’t that better than leaving the kids a house without a mortgage?

Don’t let your term policy renew: Ten or 20-year terms are common if you own a term life policy, so it’s best to review and possibly replace the policy before it renews. This may be a three-month process so give yourself time

Here’s why: A $250,000, 20-year term policy for a 25-year-old, non-smoking female is $14/month. Fast forward 20 years and the premium will jump to $75/month at renewal.

Today, a 45-year-old female can purchase the same policy for $32/month, a $43 difference. If rates remain the same 20 years from now, and you are still healthy, it will likely be cheaper to replace the existing policy with a new policy.

Purchase insurance based on your need: There’s term, whole life and universal life insurance, so which one should you buy?

Term insurance is inexpensive, and ideal when you are starting a family, buying a home, have debt and money is tight. Eventually, term insurance expires late in life or you will cancel it because the increasing premiums get too costly.

Whole life cash values (CVs) and death benefits grow over time. The accompanying table is a current projection from a major life insurance company. Keep in mind these numbers are not guaranteed and the actual results will be different.

Notice the rate of return on the cash value after 30 years, at age 55, is about four per cent. After 30 years, a good portion of that cash value will be taxable if you cancel the policy and take the cash, while the CV is tax sheltered in the policy.

The death benefit is projected to return five-per-cent tax free if death occurs at age 90, which isn’t bad in today’s financial environment. Inflation is the concern when projecting over such a long time frame.

Borrow to invest: Although you can borrow directly from your insurance cash value, some trust and insurance companies will give you a line of credit secured against your cash value. You can either borrow up to 100 per cent of the total cash value (and make interest payments), or you can borrow a lesser amount and allow the interest payments to accumulate inside the policy.

The minimum loan will be in the $35,000-to-$50,000 range with an interest charge of about prime plus one per cent, depending on the lender. If you borrow against the policy to invest, the interest will likely be tax deductible.

Similar to a reverse mortgage, you can also borrow against your insurance cash value to receive tax-free deposits into your bank account.

Corporate insurance: Purchasing an insurance policy inside your corporation can be very tax efficient. For example, a person living in Ontario with a $1,000 monthly insurance premium has to earn $2,150 before tax to have $1,000 left to pay the premium, assuming a 53.53-per-cent marginal tax rate.

A corporation in Ontario taxed at the small business rate of 12.2 per cent would have to earn $1,139 before tax just to make the same $1,000 premium payment. That is about a $1,000 difference, which also happens to be the insurance premium.

When you pass away and the insurance pays out, then almost all, if not all, will flow out of the corporation tax free through the capital dividend account. You can also use the cash value as security to borrow against the cash value and use it to fund retirement.

Two other ways to use whole life include making charitable contributions or to equalize an estate if you have assets such as a business, farm, cottage or rental properties. The insurance provides cash in an estate so one child can take the cash while the other keeps the property.

I have briefly touched on a few strategies and skipped the details, but insurance is an interesting product because of its tax-sheltered growth and tax-free death benefit. There is a cost to owning and implementing some of these insurance strategies, and there are often alternative solutions.

Before implementing a strategy, model it out with everything else you are doing. Like many strategies, they can sound good on their own, but not always when integrated with everything else.

Credits by: Julie Cazzin

Date: Dec 03, 2021

Source: https://financialpost.com/personal-finance/family-finance/fp-explains-how-to-use-life-insurance-to-save-tax-and-build-wealth?fbclid=IwAR2u6IOg5k3vHe1NCMMznwtq8CCnm0uIXsyw8VsDJyTHQ-ImogCwY0NBAjg

[donemortgage]

Best Mortgage Rates Ontario for Your Dream Home with Done Mortgage

Looking for the best mortgage rates in Ontario? You've landed in the right place! The journey of securing a mortgage can be daunting, especially when you want to ensure you're getting the best deal possible. Whether you're purchasing your first home or considering a construction mortgage, understanding the options available can help you make informed decisions. At Done Mortgage, we are here to guide you through this process, ensuring you find the best mortgage rates tailored to your needs.

Understanding Mortgage Rates

Mortgage rates can vary significantly based on several factors, including economic conditions, the lender's policies, and your creditworthiness. In Ontario, staying updated on market trends is crucial to ensure you get the best mortgage rates possible. Lower rates can lead to substantial savings over the life of your loan, making it essential to shop around and compare different offers.

Why Compare Mortgage Rates?

Comparing mortgage rates is vital because even a slight difference in the interest rate can impact your monthly payments and the total cost of your mortgage. When looking for the best mortgage rates in Ontario, consider reaching out to multiple lenders, including banks, credit unions, and mortgage brokers. Each may offer different rates, terms, and conditions that could better suit your financial situation.

What is a Construction Mortgage?

A construction mortgage is a specialized loan that finances the building of a new home or major renovations on an existing property. Unlike a traditional mortgage, which provides a lump sum payment, a construction mortgage disburses funds in stages as the project progresses. This arrangement allows borrowers to pay interest only on the amount drawn, making it a cost-effective solution for many homeowners.

Factors Affecting Construction Mortgage Rates

When searching for the best mortgage rates in Ontario, it's essential to understand the factors that can influence construction mortgage rates. These include the overall risk of the project, the lender's assessment of your financial health, and the estimated completion timeline. Lenders may also consider your credit score and previous experience with construction projects when determining your rate.

The Benefits of Working with Done Mortgage

At Done Mortgage, we pride ourselves on our personalized service and expertise in the Ontario mortgage market. Our team is dedicated to helping you navigate the complexities of obtaining a mortgage. With our extensive network of lenders and a deep understanding of the market, we can help you find the best mortgage rates that align with your goals—whether you're looking for a conventional mortgage or a construction mortgage.

Preparing for Your Mortgage Application

Preparation is key when applying for a mortgage. Gather essential documents such as proof of income, credit history, and details about your financial situation. Having this information readily available can expedite the application process and improve your chances of securing the best mortgage rates in Ontario. A well-prepared application signals to lenders that you are a serious borrower, potentially leading to better terms.

Tips for Securing the Best Mortgage Rates

To secure the best mortgage rates in Ontario, consider these helpful tips:

Improve Your Credit Score: A higher credit score often results in better rates. Pay down debts and make timely payments to boost your score.

Consider a Larger Down Payment: A larger down payment can reduce the loan-to-value ratio, making you a more attractive candidate for lower rates.

Lock in Your Rate: Once you find a favorable rate, consider locking it in to protect yourself from potential increases during the processing period.

Conclusion

Finding the best mortgage rates in Ontario is a crucial step in your home-buying journey. Whether you're interested in a traditional mortgage or a construction mortgage, Done Mortgage is here to help. With our expert guidance and personalized service, we can ensure you secure a mortgage that meets your needs and budget. Don’t let the complexities of the mortgage process overwhelm you; reach out to Done Mortgage today and take the first step toward your dream home!

[mortgage-guy-tony]

Currently the lowest reverse mortgage rates in Canada1 Lower rates and prepayment charges mean you preserve more home equity over time1 Flexible product: Take your funds how you want, when you want You’ll continue to own and live in your home, and you’ll never be forced to move or sell your property, as long as: you live there for at least six months per year you keep your residence in good order you remain current with your property tax payments you adhere to the loan terms You can use a reverse mortgage for things like: paying off debt covering everyday expenses making renovations supporting your family paying for in-home care Anthony The Mortgage Guy 647 403 5296 - 1 800 808 1613 EXT 296 MDG & Associates with the Mortgage Centre 208-52 Village Centre Place, ON, L4Z 1V9, Lic 13129 independently owned & operated (at Mississauga, Ontario) https://www.instagram.com/p/CVH-gw3LD2w/?utm_medium=tumblr

[ericvick]

Updated Boston news: Real Estate News | CMHC Eases Requirements | What This Could Mean For You

Following a 12 months of the Canadian Mortgage and Housing Company (CMHC) tightening its acceptance demands (owing to a projected housing current market crash), they have finally made a decision that this determination was a error. Ontario by itself has proven that the housing current market proceeds to outperform earlier projections and the CMHC has reverted again to their pre-COVID stipulations for acceptance.

To study extra about this topic, check out out this post: https://www.theglobeandmail.com/organization/post-federal-mortgage-insurance provider-reverses-pandemic-lending-modifications-in-face-of/?fbclid=IwAR20VZ6v8_eEkpWWBVyL_yDrqsrk301vONuWRX8xvUfqwOWa-b6t2Z6hieQ

For inquiries: Travis Eman Brokerage: Salerno Realty Inc., Brokerage E-mail: Travis@SalernoRealty.ca, TravisEman00@gmail.com Instagram: @TravisEman TikTok: @TravisEman Fb: Travis Eman Twitter: @TravisEman resource

This information does not belong to Eric Vick. This information belongs to UCkwJ8y8f3i8FZQgqLNCTIrQ.

[letsimportanttreecollection-blog]

Cheap cars with a nice interior??????????

"Cheap cars with a nice interior??????????

Hey im 18 and hoping to buy my first car soon (Living inthe uk)   I'll probably buy a used car too   I want a car thats cheap to run, cheap insurance, etc   But with a nice interior :)   This cars interior is perfect!   http://www.zcars.com.au/images/2009-honda-accord-euro-interior22.jpg    Can you guys reccomend any?

BEST ANSWER:  Try this site where you can compare quotes: : http://freeautoinsurance.xyz/index.html?src=tumblr 

RELATED QUESTIONS: 

How do I get Insurance before I even buy a car?!?

I'm looking to buy my first car and one of the things the dealership asks from you is proof of insurance. How am I supposed to have car insurance if I don't have a car yet? Secondly, after buying the car am I supposed to drive it home without insurance, registration, etc?""

Car Accident and Insurance?

On 7/24 I was at a Dairy Queen drive thru the person behind me hit the truck I was driving. I was looking at her in the rear view mirror the entire time. She had a cigarette hanging from her mouth that was unlit and she eventually backed up after hitting me. I got out of the truck and looked and I did not see any damage. She then said I didn't move you hit me I then told her No I did not hit you I am in front of you and this truck was never in reverse. Since there was no damage to the truck I did not bother getting any of her information since it was not my fault. On 7/27 I got a call from the police saying she told them I hit her. I gave them my side of the story and they said she had a witness who was a passenger in her car and they will be in touch. I also let them know I had a witness as well. The cop called me back yesterday and wanted to get my insurance information so her and I could exchange information. My question is do I have to give my insurance information to this cop? I did not hit this woman and I think she is trying to get one over on the insurance company. The cop said yesterday I'm surprised the truck does not have any damage because her car does have damage. This truck was a rental truck which was inspected at the time it was dropped back off at the rental company obviously there was no damage to it. This woman looked like she was on something to begin with and I'm guessing she was not paying attention probably looking for a lighter and let off the break and hit me. Which I still don't see how her car would be so damaged. I don't want this con artist having my information. So should I tell the cop I am not giving him my insurance information and tell her to take it to court? Should I get a lawyer? I'm not sure what to do I am 29 years old and I have never been in a accident so I am not sure how to go about this but I know this woman is trying to pull a fast one and I am not going to sit back and let it happen.

Should I insure my house for what i would sell it for??why or why not?

This is my first home and not my last. I have a mortgage of 90k, the house is appraised for 125k.If my house were to burn down i would not rebuild it. Would an insurance policy of 125k sound about right? 90kish to pay back the loan and my equity of 35kish.Plus now I own an empty building lot that I can sell ? I know some money will be withheld for demolishing etc.... I m trying to save some money on my current insurance policy that is a replacement value 227k. Should I change my coverage to the price i would sell it for 125k?""

What is cheap car insurance for a new driver?

I am a new driver and I need insurance for a Jeep Grand Cherokee 2000. I am a student and I need cheap insurance

How much do you or did you pay for sr-22 insurance?

How much do you or did you pay for sr-22 insurance?

Does drivers ed effect ur insurance ? in Texas?

Does drivers ed effect ur insurance ? in Texas?

How do I help families not see life insurance?

How do I help families not see life insurance as a bill but rather protection for their family? I am on a crusade to help families become properly protected (create an immediate estate) in case of a loved ones untimely death. Of lately, prospects see life insurance as another bill. Although it is; can any life insurance agent please share with me how they get around to making sales in the life insurance industry? Thank you.""

""Where can I get insurance, I want to play a sport but I don't have insurance ?

So im thinking about joining sports in school but I don't have insurance and does state farm sell that kind of insurance or any other insurance company

Which is smarter? Don't buy health insurance? or go toss premium money out the door?

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Named driver had crash. Should I tell my car insurance?

Last year my girlfriend has a car crash, she was not at fault. So she didn't tell her insurance company and claimed of the other party. So she is assuming her car insurance does not know. Now I am looking to get insured on my first car. If I add her to my insurance as a named driver the premium is about 200 less. The problem is she doesn't want me to tell the insurance company that she crashed, as they asked has the named driver crash. I am now worried I were to crash, they would see she had crashed and void the insurance. I am tempted just to get my insurance in my name and pay the extra 200 for peace of mind. She will not under any circumstance tell her insurer she crashed as she thinks her premiums will rise. But I have found out that the insurance companies have a database of all claims, so they can easily find out that she has crashed. She refused to allow me to put on my application for insurance that she has crashed. What to do?""

How much will my car insurance increase?

I went for over eight years without getting a ticket and got one over a year ago and one recently. I accepted and paid the fine--improper-turns--learned my lesson the hard way. Anyway, I have been with the same insurer or 6 years and saw a decrease in my rate last year, despite the ticket. My insurer only views records at renewal and mine is not up for almost a year. By then, my first ticket will be about two years old--if they notice it next year. I am middle-aged and get a multi--vehicle and home discount and don't live in the city. My car and truck are about 150 a month or both, with full coverage. How much do you think it might increase to? Thanks.""

Auto Insurance Broker fee in CALIFORNIA?

What is the average auto insurance broker fee in California. What's the minimum and maximum broker fee? My auto insurance bill states the total costs for my six month policy premium is $200.00, but I paid the broker $275. How is it calculated? I just want to make sure he didn't over charge me. If possible, please include links. If I call my auto insurance company, will they be able to tell me or will I have to call the broker and find out. Your assistance is very much appreciated.""

How much would a 1 million dollars liability policy cost per month for a fright transport company?

Im starting a small hot shot trucking transport company. I need to know how much a 1 or 2 million dollar policy will cost me per month. Or what kind of Insurance I would need. I will be hauling oil field equipment, cars, pipe, tanks, air fans, motors, things like that.""

How much on average does it cost to have a 16 year old A student on my insurance?

I have a daughter who is dying to drive (we'll be sharing my car) but I don't know if I can afford the insurance! If you have a similar daughter how much did your insurance go up? I tried all these free quote places, but something about the quotes seem off...did you have to pay $300 a month? How much was your insurance originally?""

Cant find insurance for a 17 year old?

my son is 17 and we just got him a peugeot 106 1.1 2000 and we have searched near enough every insurance company and we cannot find a quote under 2000 pound i know this is good compared to some quotes but does anybody know where i can go to get it cheaper Thanks

How can I help my girlfriend get cheaper insurance? She is 20 years old.?

My girlfriend just got a new Cobalt lt. The insurance is in her fathers name, and she is listed as a driver. The car is in her name. Her father has a good driving record, yet the insurance is around $250 a month! Please help, is there anything I can do to get her insurance cheaper?""

Cheap insurance for a sixteen year old girl on suzuki 124cc maurder?

living in limerick ireland

What automotive insurance companies insure right-hand drive cars in Ontario?

I'm looking to get insurance on a right hand drive import (Nissan Skyline) in Ontario, Canada. Prior to January 2012 this wasn't the hardest thing to do. It's gotten increasingly difficult. Anyone know of a company that still insures these imports at a reasonable rate?""

Can my parents add me to their car insurance for a shot period of time?

I'm planning to go on a road trip and I was wondering if it's possible for my parents to add me to their insurance so I can use their car for a week, and whether it will be cheaper that way than to rent a car (I'm 24). They have American Family Insurance.""

Car insurance?

i have a license and live in CT and i have a question about insurance the web page says the vehicles should be insured. my dad and mom have insurance for their them but i dont so i dont have to get insurance because the vehicle is insured? or everyone should have insurance who drives on the road?

Car Insurance for 18 year old female?

Hiya! I am due to pass my driving test by my 18th birthday. Ive been doing some research and got quotes of minimum 6K and even one which was 12K. I don't understand how the insurance companies reckon people like me can afford that kind of money. Do you kbow any good insurers that will help me out? A maximum of 2,000 will be ideal! I have the car ready and sorted. Its a Toyota Yaris 2001 with a 1.1L engine. It is worth less than one grand. Sooooo.....""

Taxi insurance?.....?

Just wondering how much about the taxi INSURANCE is to be a driver. Im 21, have my own car. Normal insurance is around 240 PM (60 week). Anyone know how much extra on top of that for taxi insurance? Around 30 more ive been told?""

Car insurance question?

my car broke down so i took it off my insurance policy, i joined my brothers policy as Just a driver because in the state of ky every licensed driver has to be insured, not to mention my insurance is very high on my own policy. if i were to fix my car, would i have to put it on the policy as well? or can i just drive it? i only have liability so its not like my car is covered in the event of an accident anyway.""

What is the best website to get cheap moped insurance ?

What is the best website to get cheap moped insurance ?

Does affordable car insurance exist for a 19 year old?

I'm a 19 year college student. Currently I'm a closing manager at McDonald's and a certified Cisco Network Associate. I'm in the process of buying a vehicle and was optimistic about it until I started to look for insurance. The cheapest policy I've found is $338 a month. There isn't any way I can afford that and the car payment. It's not that I'm lazy and don't work, I work 40 hour weeks plus overtime from closing. I live in a rural area (North Georgia Mountains) so taking the bus isn't a option for a 20 mile commute. My closest neighbor is 7 miles away so car pooling isn't realistic. I feel somewhat hopeless. I would join my parent's policy or something similar but I live on my own and have little to no contact with them. I've been borrowing my Mother's car to get to work but she's given me 3 weeks to get a vehicle or walk. I have found it to be almost impossible to transition into the real world and become an adult and live on my own. What's a guy to do in my situation? I can't work without transportation, and without work I can't pay bills. That American Dream I grew up hearing about seems to only exist for people who have established wealth and good parents. What's left for the others? Are people in my situation just ******?""

Cheap cars with a nice interior??????????

Hey im 18 and hoping to buy my first car soon (Living inthe uk)   I'll probably buy a used car too   I want a car thats cheap to run, cheap insurance, etc   But with a nice interior :)   This cars interior is perfect!   http://www.zcars.com.au/images/2009-honda-accord-euro-interior22.jpg    Can you guys reccomend any?

If i was to buy a 1.4litre car would my insurance be cheaper than what it is just now?

I am driving a 1.6litre at the moment

Will my insurance go up in missouri if i get a speeding ticket for going 15 over the posted speed?

will my rates increase? i was going 60mph in a 45mph zone.

Which auto cost more for auto insurance sienna or rava 4?

Which auto cost more for auto insurance sienna or rava 4?

Looking for affordable medical insurance plan for my husband. he is 31. please suggest?

Looking for affordable medical insurance plan for my husband. he is 31. please suggest?

Whole life insurance policies?

I need financial opinions on whole life insurance policies and am afraid to ask an advisor for fear that he/she would try to sell me something. We purchased three whole life policies in 1991. I know now that most experts advise against them now because of the high premiums, and advise buying term and investing extra money elsewhere......but we have accumulated a lot of dividends over the years but we're at the point now that we are tired of paying the premiums and thinking about having the dividends pay for the policies until the dividends run out....and then of course we would start paying for the polciies again. Is this a mistake or should we continue to pay the premiums and keep thinking of it as an investment or more money if one of us dies prematurely? Another thought.....we will be having future college bills whereas we can try to get a student loan or borrow against these policies with an option to payback with interest or not pay back at all thus taking away from death benefit. What's your opinion on this?""

Filing a complaint about an auto insurance problem?

I want to send a letter to a Federal Agency that oversee's auto insurance companies and their responsibilities to the consumer

Insurance Company?

Does anyone know personally about the celtic health insurance. is it a good insurance company? I am needing insurance and I recently found the celtic health insurance company, and Humana. what do yall know about these?""

How to find out if someone does not have no car insurance?

Somebody back intoo me at walmart parking lot they said they dont have no car insurance so i got down there name and stuff and called it in but i think the lady was lieing about have no car insurance is there any way to find out mybe by a drive tage ?

Would having 2 cars be the same insurance as 1 car?

I have a 09 dodge charger, which you will probably figure the insurance is higher than average. So I was thinking, If I buy another lower level car, for example, a dodge neon. keep in mind that I am the owner of both cars, and only I will be driving the cars. would the insurance be the same or even lower?""

Cheapest Contents Insurance Company?

Hi i need to get contents insurance for a rented house with 4 bedrooms. the cheapest i've found is HSBC - 19 a month (unlimited) Do you know of anywhere else that's cheaper?????????????????? Thanks.

What car insurance company is offering me a better deal?

I'm 21 years old, and I'm thinking of upgrading my 2005 Chevy cavalier to full coverage. United auto insurance wants $186 down and $147 monthly for 6 months. My current company wants $262 down and $131 a month, for 9 months. Which company is the better deal? Should I even get full coverage for a 2005 cavalier?""

What is the difference between insurance and coinsurance?

I'm on a website looking up health insurance quotes and it also has a column listed for something called coinsurance. What is coinsurance? Here's the site I'm looking at: http://www.lowcosthealthins.com/quote/plans.jsp

""Hit and Run Insurance, Could i get a new car?""

Hi, so this morning someone crashed into my car..hit and run, people now a days, and ofcourse it ruined my fourth of july. I have full insurance cover 100 Deduct Comprehensive and collision, and i was reading comprehensive replaces your car or something? Idk, but thats what i want. I had a brand new 2013 Malibu Eco LTZ, loved it, now its messed up, n now im not going to be able to re-sell it down the line ya know :/, but since i have that, could they replace the car and give me money to buy a new one? Heres something extra 1.Brand New Car 2. Insuring 4 cars with them (State Farm) 3. Re-sell values gunna be ****.. 4. I had state farm for years So, is it possible for me to get a brand new car?""

Question about car insurance?

My husband made a dent in his car when trying to park. He now wants to fix the dent. Can car insurance cover this?

How can i get cheaper car insurance quotes at 17?

Hi,i have just passed and got my driving license but when i ask for a insurance quote its to expensive and too much! Is there anyway to get me a cheaper insurance quote is there any tricks or advice that can help? Please Please reply""

Insurance help???!?!?!?

right, im a 17 year old male who passed my test in may 2010, however i now have enough money for a cheap car and insurance, but why is it so expensive?? cheapest i have found is like 4k so please if anyone can help what is the best cars to get cheap insurance, i have tried putting myself as a second driver but is still really expensive, i need some help where is the best place, what is the price you have? i just need helpp!!!! pleeasssee""

I am Looking for a Best site for Comparing HEALTH INSURANCE Quotes Online?

Are there reasonable car insurance quotes comparison sites online that someone can link me?

Insurance money or insurance fraud?

My dad told me a story about his boss a long time ago about how his wife survived cancer, and incurred 1million dollars in bills. the company has a health insurance that covers his entire family, but he also was covered by another health insurer...be it his or possibly his wifes. After the whole ordeal he paid off all the bills and had received an extra 1Million from insurance.... Was this legal? ( He was paying for both insurances ..knowingly or possibly not )""

Cheaper Insurance on Mitsub evo?

Im looking into buy an Mitsubishi EVO 8 but the insurance will be way too expensive. If i finance it and put the car in my moms name and the insurance in her name could i save money(my moms like 54). My insurance company says i can use other peoples cars as long as i have a policy myself which i do. How much do some of you people pay?

How much is your monthly car insurance bill?

indicate your age and if you have full coverage. I want to know if what I'm paying is average. I'm under 25 and I was involved in an accident.

Car insurance?

what things should i look for in car insurance? and what exactly is a car insurance bond? any scams i should look out for? any good reasonable car insurance rates?

Whats the best auto insurance for a 20 year old girl with a 2006 Jeep Grand Cherokee?

What would be the best and the cheapest auto insurance for a girl 20 years old with a 2006 Jeep Grand Cherokee Laredo with 6 cyn 4X4 and a security system???? Which one would you consider the cheapest auto insurance?? She got a speeding ticket on 8/8/08 too going 45 in a 30.

What cars are cheap and affordable for first time drivers ?

I am booking my driving test soon and looking to save some money for a car, already have some saved up, i wondered on any opinions on cheap cars, low-ish insurance and a reliable one. In the UK which i could buy.""

I am planning to leave the country for two years and have a car insurance question.?

I will be out of the country for two years doing a peace corps type volunteer program, I am currently on my father's car insurance and don't own my own car. I pay about $400 a year to have the right to drive one of his cars. Is it worth cancelling my insurance for two years or will the uninsured penalty be worse. I am currently 22 and a recent college grad. Thanks for any help.""

Medical/health Insurance for H1b and H4 visa holder?

What is the best medical/health insurance ?Is dental,vision and pre natal included? What are HMO/PPO plan?What do i need to know about it? need some input. pls suggest. thanks =)""

Cheap cars with a nice interior??????????

Hey im 18 and hoping to buy my first car soon (Living inthe uk)   I'll probably buy a used car too   I want a car thats cheap to run, cheap insurance, etc   But with a nice interior :)   This cars interior is perfect!   http://www.zcars.com.au/images/2009-honda-accord-euro-interior22.jpg    Can you guys reccomend any?

Do I have to have proof of insurance before I can take my drive test?

and what else do I need to bring with me?

Best place to get term life insurance?

Best place to get term life insurance?

Will lifting my Jeep affect my insurance rates?

I have a Jeep Cherokee, which is my daily driver, but I'm lookin into making it alot bigger, putting a 6 lift kit on and putting 35 tires. I dont know whether or not I need to notify my insurance company about this. I dont expect them to insure the lift or anything, but can I be dropped by them if I do not tell them? I'm not actually going to be taking the truck offroad (stupid I know, but its just for looks).""

Where can i get glasses with nationwide insurance?

i need to get glasses for my kids and their under nationwide insurance ...where can i go so that i dont have to pay and the insurance covers it?? if you get what i mean haha

Why is the insurance prices so high?

OK from what I have seen from my friends they have been getting car insurance for there cars for about 1000 a year, now when I check on gocompare.com the cheapest quote is around 7000, what is wrong I've only been searching a vauxhall corsa 1.2l. I don't see why it would be that much.""

""Are you prepared to pay 10-11-13% of your income for $1100-1300 deductible health insurance, not copay?""

Will you go to the doctor more if another large percentage of your income is taken from your check and you still have to pay for office visits until you have paid $1100 to $1300 deductible before your insurance kicks in each year? http://www.bcbst.com/learn/affordability/04-639GovernmentMandatedBenefits.pdf Skip to page 16 to see the summary. This is a report by Blue Cross Blue Shield, a nonprofit health insurance provider. Government interventions causes health care costs to rise, not go down. http://www.quick-online-insurance-quote.com/blog/2009/05/13/what-is-the-average-price-of-health-insurance/ Why doesn't the government talk about the price each American will pay for government run health care plans?""

What a cheap small car insurance company ?

Not a big company like geico , State Farm , or nation wide""

Can I get a mortgage with no life insurance?

Can I get a 75K mortgage with no life insurance in the UK? If not, will the mortgage company want to know who the insurance is with? Will they issue a mortgage with NO life insurance at the age of 52?""

""Does price of car insurance go up, down, stay the same, after getting G licence?""

I'm in Ontario, Canada and am going for my G licence in July (I'm 26, if that makes any difference?). Right now I'm an occasional driver on my parents insurance and plan to stay that way after I get my G. Right now my insurance is 90 per month. I want to save up for enough insurance for 12 months so when I move out it's out of the way for one year. Anyway, does anyone know if the price of insurance goes up, down, or stays the same after getting your full G licence? I kind of want to figure out how much I should save up for the full year by knowing how much it'll be monthly. I plan on going in and talking to them, but I wont be able to for a few days...just curious if anyone can basically give me a heads up. Thanks.""

Can a good credit score get you cheaper insurance?

Can a good credit score really lower your insurance rates?

How much does Car insurance cost for a new driver?

in a couple of months I will be 17 and will be able to drive after I have passed my test, although I am very worried about car insurance I cant wait to drive but I feel I can't afford car insurance. Please could you give me rough estimates?""

What liability limits should I apply to my auto insurance?

My husband and I are researching new insurance rates. We have looked into Geico and are almost ready to buy the policy. We currently have 25/50,000 liability limits, but since we own our house and can afford a little more, we're looking into increasing our liability to 100/300,000. Is that OK? Or, should we increase the limits to 250/500,000? It seems unnecessary to increase it THAT high.""

Is there some affordable health insurance plan in the U.S. that doesnt have a huge deductible?

Is there some affordable health insurance plan in the U.S. that doesnt have a huge deductible?

""Insurance question I need help with, any help would be great?""

I need some help here... The question is Hans sells his car to Pieter and now has no car and no need of auto insurance. Hans calls his State Farm agent to tell him to transfer his auto insurance to Pieter. The agent tells Hans: A. The transfer will not take place until that night at 12:01 AM B. That Hans will need to put Pieter on his policy as an additional driver C. That Hans must keep paying the premium until the end of the policy period. D. That he cannot transfer the policy to Pieter. E. None of the above. Im pretty sure B and C are incorrect, but otherwise I have no clue. Any help would be greatly appreciated!""

Car Insurance Question?

Hello- I was involved in a really bad car accident, where I was the stationary vehicle in my lane and the other driver was completely at fault, texting, speeding at 60+ over, lost control of his car and ended up horizontal in the road- needless to say my car is totaled and the other driver lost his life. He was really close to have taken mine as well. Anyways, my question is how long does it take for the insurance to cut a check so that I can go out and buy a car?""

How much would car insurance cost for me?

I'm 17 years old, canada, ontario. Just started driving.. Anyone recommend a company, or any adivce, what are the costs per month.""

Can my insurance company find out?

I'm currently a student with 1 years no claims discount on my Car Insurance. I've just finished University. I've renewed my quote and it states that I'm a student still, however I plan on working full time for this year. I decided to keep my occupation as a student, as it's significantly cheaper than if i tell them i work full time. Will my insurance company be able to find out if i'm still a student or not?""

Looking for the best prices in auto insurance and Quick!?

I know there are some reliable auto insurance companies out there with killer rates. Anyone know something good?

Cheap Car Insurance for young driver?

Hi, I'm 18, male and passed my driving test yesterday but when i looked on price comparrison sites it is extremely expensive even the ones that are supposed to be for young drivers, any tips on how to get cheap car insurance. The car is a 106 and i would like it to be fully comp. Thanks Ask for extra details""

Will having a hidden kill switch in my car make insurance cheaper?

So basically, noone will be able to start the car unless they know where the switch is hidden. Surely this increases the security of the car, therefore should make insurance cheaper.""

Is car insurance group 11 lower or higher than group 32?

i am wondering as i am looking for a car to learn in and it has to be lower than group 32 thanks

Car Insurance question..Im confussed ?? ( uk )?

O.k so Im a new driver and bought a car and signed up with insurance which worked out about 60 a month. My car broke down beyond repair and I have suspended my insurance as had to scrap the car. Now I been on car insurance websites to compare many different cars to see which is cheapest and all my other details are same but no matter what car details i put (different ages/ values) but all small cars similar to my last vehicle the quote comes up double the cost at over 110. Why is this ?

Insurance For Aprilia RS50: Im 16?

im 16 and im going to get an aprilia RS50 and i was woundering how much the insurance would be?? also? how much would the insurance be on a 50cc moped?

Teen girl car insurance premium?

I was wondering if anyone had an idea of about how much it would cost me. I'm buying (maybe) a 2004 ford focus with 53k miles on it, but it's going to be under my stepdads name (I only have half the cash right now and I need a car to get back and forth from classes in a couple weeks when I start at a local university so he's buying it and I'm paying him back). We also have a stage 3 2014 roush and a 2012 Nissan Titan on our plan. I know the (6 month?) premium on the roush is a little over 1300, but I'm not sure about the Titan, and im not sure if that will affect it. Im pretty much wondering about the insurance on the focus considering the fact that im a 17 year old teen. I have a part time job and I'm a full time student, though and that helps a bit. I also took drivers Ed. And I'm a mostly A with some B's honors student. So insurance price in terms of me?""

What does full coverage means to car insurance?

What does full coverage means to car insurance?

Cheap cars with a nice interior??????????

Hey im 18 and hoping to buy my first car soon (Living inthe uk)   I'll probably buy a used car too   I want a car thats cheap to run, cheap insurance, etc   But with a nice interior :)   This cars interior is perfect!   http://www.zcars.com.au/images/2009-honda-accord-euro-interior22.jpg    Can you guys reccomend any?

What cars are cheap to insure for 17 year old male like myself?

I have my practical in March, crossing fingers I pass so I thought now is an appropriate time to start looking for a car which is cheap to insure.""

Sports car insurance v.s normal car insurance cost?

how much more would a teenager have to pay for insurance for a sports car than a normal car?

Do you have to buy full coverage insurance?

If you are finance a car from a dealer? This would be in california

Health Insurance for Self employed with Maternity coverage?

I am self employed and want to purchase health insurance for myself. I need to find insurance with maternity coverage. I have looked on several online insurance quote websites, but have been unable to find maternity coverage. I live in Texas by the way. Does anyone out there have some info for me?""

Car insurance claim failed. I am totally innocent and will not give up. Where do I stand with this?

The accident happened on a roundabout I was already on, someone pulled out on me and I T-boned the side of their car. An 'independent' assessor has looked at my car and wrote a damage report which went to the other drivers insurance company (who I am personally claiming from as my insurance is 3rd party cover only). Their company have now wrote to me saying they are denying my claim because: They can't understand why the whole front of the car is damaged (erm..because I T-boned the other car!) They can't understand why the nearside wing is damaged (erm..because she kept driving for a few seconds, which tried to drag my car to one side. The chassis went out of line and it moved the wing out of position). They can't understand how the nearside door is damaged (erm..it isn't!). Is there much else I can do other than write to argue their statement? A solicitor or small-claims court would not be cost effective as I'm only claiming approx 400. What can I do?""

What is a good (cheap) insurance in Canada?

I'm a new driver, I would like to have an insurance for myself, in case IF anything happened. What are some companies with good deals? They are mostly expensive, but I have heard there are some cheaper ones available. Thank you for you help!""

How much does car insurance cost for a 18 year old?

I can get my license anytime now. North Carolina doesn't offer good student discount. I'm Asian, will be driving my dad's 2000 Ford Windstar with 70,000 miles. My dad says that adding me on to his Allstate account would cost 1100 every six months. That sounds a little exaggerated. Is there anywhere else where I can find cheaper insurance?""

Car insurance for an 18 year old parent?

will having custody of a child help lower or raise my insurance, btw thanks for those who help""

I looked for insurance quotes at progressive.com.?

At the end, I received a quote from Progressive and also 3 other leading competitors. I also received a quote from Progressive Direct which is lower than Progressive quote. Does anyone of you have insurance from progressive direct? What makes it different (and hence lower) than the actual Progressive quote?""

How much would insurance be for a seventeen year old female driving 1999 Chevrolet?

I am sixteen i turn seventeen soon. My grandma will not keep me on her insurance About how much will insurance be for me as a 17 year old female driving a 1999 Chevrolet

What are car insurance groups?

Im a provisional driver and ive seen a 2004 Vauxhall Corsa...it says the insurance is Group 3. So what exactly does that mean? And is that good considering it will be my first car that i will be driving around for quite a while? :)

Car insurance for you?

Not to sound stalkerish at all lol I'm just a lil confused on car insurance and want to know what about average is. So can you please put how old you are, what car you drive, and how much you pay... Thanks ALOT it means alot to me :)""

""Just passed driving test, 22 yr oldwhere should i go for cheapest insurance quote.?""

Just passed driving test, 22 yr oldwhere should i go for cheapest insurance quote.?""

How much does it cost to add a minor to my (RACQ)insurance if there under the age of 25?

How much does it cost to add a minor to my (RACQ)insurance if there under the age of 25?

""Car Insurance help, UK?""

i have been driving for 1 year in New Zealand, i dont have a full NZ license, but a restricted. i am now in the UK and want to know how much i will be paying for insurance roughly. i have just passed my uk driving test, so im basicly a new driver. Please Help""

Old bmws? Insurance? Cali driving age?

Hey, im 14 from California and will be 15 in september. I was wondering if anyone knew any nice older bmws, i like the e46 m3 and stuff but i was wondering if there were some other nice powerful ones i should know about. I dont want to spend more than 18k on the car itself. My next question is how much insurance usually is, i know its more expensive for a sports car but how much? The insurance doesnt factor into the 18k for the car, i was just wondering. And last, what is the absolute minimum age for driving in cali? My school is too far to walk or bike ( like 8 miles) and i cant really get a ride, i usually end up taking a city bus then walking 2 miles but the bus runs late a lot and im tardy for school. I say that because i heard there are special permits to just go and from school. Please reply of you know the answer to any all these question thanks!""

""Typically for a healthy young 27 year old male, how much is health insurance monthly?

how much would health insurance cost?

Cheap motorcycle insurance for 18 year old?

Im 18 an looking to get a street bike this year but the insurance company my parents have(some local small insurance company) saids they cant even give insurance until ive had lisense for 5 years which is bullshit. Even after 5 years they said it would most likely be around 4 thousand a year which is rediculous! All i want to do is own a motorcycle an ride but damn insurance is too high! Any cheap insurance that gives full coverage to 18 year olds. Btw my driving record is clean with no accidents or tickets

Insurance and garages?

if your buying a car from a garage will they ask for proof of insurance bought before they let u drive it away or are they not bothered? ive arranged insurance online today and am picking up car later will they let me drive off with car if i say i booked it over the phone, obviosuly i dont have any paperwork as its coming through post?""

Is the health insurance paid to lay off employee taxable?

If a company paid it's terminated employee a 6 month health insurance coverage, does this health insurance insurance payment taxable?""

Insurance related question to a 1987 5.7L IROCZ?

Hello I am 17 years old and have saved up enough money to buy a 1987 IROC-Z with 350TPI, 140K. Now when I purchased the vehicle a year ago I could afford to insure it but was to young to drive. I was supposed to get my G2 permit in August. I've already prepared it for the road for the but I am in Ontario and the driving strike is still going on. And to top that off, insurance companies raised their prices! I can no long afford to insure the car when spring rolls around. My mom made a good good...why not insure the car under HER name at a DIFFERENT insurance company, and put me as a secondary driver? That way I can enjoy the great prices and hell I bet she can have some fun driving this car. The car would not be insured itself, it will only be insured incase I hit someone and damage them. Would this affect her insurance rate at her other main company( 2 cars,house,boat)? Thanks!""

My dad says a 2 door car would be more on the insurance. Is this true? PLEASE ANSWER!!?

We went out looking for cars today and every 2 door car we saw he just kept walking by them. I dont know about him but Im a 2 door kind of guy. He said 2 door cars would be more Insurance. Is that true? I wanted to get this 2 door Cougar or maybe a 2000 or 2001 or 20003 Monte Carlo. WOuld that type of car add more to the Insurance? I really want the monte carlo. Im gonna be putting about $1400 down & the car cost no more than $5000.

What is the cheapest n nastiest car insurance I can possibly take out?

I'm 26, just got my license, have 0 years no claims bonus... What is the cheapest car insurance I can get? I don't care if they cover me for hardly anything... Also will they insure me on a Toyato Celica 1.8 VVTI 3DR 2000 I want the cheapest of the cheap guys!! Suggestions??""

""If i lie about my car mileage for auto insurance, will they eventually find out my real auto mileage?""

If i lie about my car mileage for auto insurance, will they eventually find out my real auto mileage?""

Car insurance quote should i pay?

i took out a car insurance policy 3months ago the operator quoted me 1050 pounds which i thought was a bit expensive, she said if i canceled within 14days (cooling of period) i need not pay no moneys!! i canceled within 8days. i got a cheaper quote elsewhere, Now the 1st insurance company are going to take me to Court they are saying i owe then 320 for 8days cover! should i pay them? whats the Law on this can any one help me has i don't think i should pay it.""

Cheap cars with a nice interior??????????

Hey im 18 and hoping to buy my first car soon (Living inthe uk)   I'll probably buy a used car too   I want a car thats cheap to run, cheap insurance, etc   But with a nice interior :)   This cars interior is perfect!   http://www.zcars.com.au/images/2009-honda-accord-euro-interior22.jpg    Can you guys reccomend any?

https://www.linkedin.com/pulse/hartford-auto-insurance-quote-phone-number-michael-alexander/"

[jeffau]

Another webinar, Understanding the Versatility of Reverse Mortgages from Home Equity Bank. (at Markham, Ontario) https://www.instagram.com/p/CHgvPvNDiVH/?igshid=1pzqgvpnz3j6m

[profbruce]

Staying afloat in a time of Covid-19 for tenants and landlords

[A version of this article first appeared in Ottawa Business Journal]

Since the dawn of the industrial age in the early 1700s when Thomas Newcomen produced the first successful steam engine (later perfected by James Watt in 1769), there has never been a major economy that contracted by 40% in a single quarter. This happened in China during the first three months of 2020 due to a lockdown of much of that nation because of Covid-19.

Not even the Great Depression of 1929 to 1933 can compare. It took nearly four-years for industrial production in the U.S., Germany and Canada to match that drop.

It’s possible that Canada’s GDP and employment may fall by 40% in the next three months.

Having said this, I am absolutely confident Canada and Canadians will find a way through this. To paraphrase Sir Winston Churchill, we must never, ever, ever, ever, ever surrender. Or to quote my late father, Professor O.J. Firestone, we must “stick together.”

A client of mine rents an apartment to three young people (all servers) who lost their jobs last week. None of them have any income now. Zero. Zip. However, my client reduced their rent for the next four months by half (they should be able to catch up over the following year by paying a bit more each month). I also asked him to pass along to his tenants a recent announcement by our prime minister that the Canada Emergency Response Benefit (CERB) will allow applicants to receive $2,000 monthly for the next four months for those who have lost their incomes during this pandemic. The two question, no-hassle application form should be available online as of April 6th, with funds flowing 10-days later, according to Canada’s finance minster.

[Please note the CERB is actually $500 per week, which works out to $2,166.50 a month on average, a bit more than the $2k everyone is quoting.]

Other landlords I coach have offered their tenants this—to pay ½ their rent on the 1st of each month and the balance on the 15th or later (depending on when they qualify for CERB and when they actually receive those funds). Another landlord I know is offering some of his harder hit tenants the option to apply their LMR (last month's rent) to this month. It's not strictly legal (ie, not permitted under Ontario's RTA, residential tenancy act) but in a crisis, you do what you can to help your fellow human beings. Creative solutions are everywhere.

Another client of mine, a dentist, recently opened her practice in west end Ottawa. Her fitup cost? Close to $2 million. She, like all dentists across Ontario, has been ordered by her regulator—the RCDSO (Royal College of Dental Surgeons of Ontario)—to close (except for emergencies). She now has no income. Distraught, she reached out to her landlord who said, “No problem, full rent deferral until this crisis passes.” Bravo.

I am encouraging you to do what you can to help yourself, your family and your fellow citizens by:

1. preserving cash

2. arranging for a HELOC, home equity line of credit, or other form of mortgage or credit financing

3. deferring tax payments

4. negotiating mortgage payment deferrals due to Covid-19 (not to mention rent deferrals or reductions for both residential and commercial tenants).

Even though two of the first Canadians to ask their banks (you know who you are!) for mortgage deferrals were refused (until, that is, CBC National News stepped in, whereupon, miraculously, those two banks hastily reversed those decisions), I cannot foresee any circumstances under which foreclosures or powers of sale initiated by lenders in Canada against homeowners or apartment building owners, or evictions by landlords, will be successful at this time. What? We want to make 40% of Canadians homeless. Not a chance.

What will the future bring now?

No one really knows. But one thing occurs to me: It’s time to make our nation, our cities and ourselves more resilient and self-sufficient.

How do we do that? I say change Ottawa’s Official Plan (a new one is due out in 2021 but that may be delayed). Maybe we should follow Barcelona’s example—their vision is to become completely self-sufficient by 2050:

-in energy

-in food

-in waste

-in textiles

-in manufactured goods (e.g., 3D printed cell phones)

-in services (think finance, loans, insurance…)

-in meds …

They even want their own Barcelona currency to promote buying locally. Oh, by the way, we already have the Calgary dollar, a Salt Spring dollar and the Kawartha loon. So, why not an O-town dollar?

If we are truly serious about building greener, more environmentally sensible cities, let’s stop fooling around. If someone wants to build yet another soulless, mono-cultured office tower with windows that don’t open, bad air and horrible fluorescent lights in your town for, say, 500 workers, don’t let them… unless, that is, it also includes 500-microsuites, so people can live and work in the same place.

This is part of the FEJAH (for every job a home) movement, which is a riff on Quebec-based architect Isabelle Bradbury’s FEHAJ (for every home a job) idea.

And while we are talking FEHAJ, how about letting people and communities become more self-sufficient by introducing additional flexibility in the way we use our homes? Ottawa is already heading down a path first blazed by Rotterdam when it pronounced itself an “experimental city.”  

“Europe’s largest port–threatened by rising waters and a loss of its major industry–has reinvented itself as a playground for innovative thinkers who are trying to create a resilient city of the future,” said Adele Peters in 2016, https://www.fastcompany.com/3060998/experimental-city-how-rotterdam-became-the-world-leader-in-sustainable-urb

At present, Ottawa permits backyard coach houses, in-home apartments and tiny micro retail shops catering to local pedestrian traffic. How about allowing more backyard workshops/makerspaces for an emerging gig-based economy and encouraging the re-emergence of backyard homesteading? I mean, it wasn’t that long ago that nearly everyone grew much of their own food in large home-based gardens. You’ve heard this before, “God only helps those who help themselves.” Well, let’s all of us be more self-reliant.

Finally, we also need to be humbler about human frailties and capabilities, and treat each other and the planet with more respect and love…

BE WELL, EVERYONE

Bruce M. Firestone, PhD, is a founder of the Ottawa Senators, a Century 21 Explorer Realty broker, real estate investor and business coach. Follow him on Twitter @ProfBruce or email him at bruce.firestone@century21.ca.

Image source: BiblioArchives / LibraryArchives – https://www.flickr.com/photos/28853433@N02/19086236948/, Public Domain, https://commons.wikimedia.org/w/index.php?curid=41991931

[mortgage-guy-tony]

You are 55 years old or overyou live in the major urban centres of Ontario, Quebec, British Columbia, or Alberta your home is your principal residence (you live there for at least six months of a calendar year) all title holders of the residence apply as joint borrowers (in ON, AB, BC) the residence is owner-occupied and not a secondary home or cottage your home is detached, semi-detached, condo, or townhome You’ll continue to own and live in your home, and you’ll never be forced to move or sell your property, as long as: you live there for at least six months per year you keep your residence in good order you remain current with your property tax payments you adhere to the loan terms You can use a reverse mortgage for things like: paying off debt covering everyday expenses making renovations supporting your familypaying for in-home care #reversemortgage #downpayment # (at Mississauga, Ontario) https://www.instagram.com/p/CVF08j1Aj0w/?utm_medium=tumblr