Category Archive for: ‘Mortgage Insurance’

Protect Yourself from Mortgage Fraud

mortgage fraud

As home prices spike across Canada the instances of mortgage fraud are on the rise. So what do you need to do to protect your home? Mortgage fraud starts with someone stealing your identity, then identifying themselves as you. There are a number of different ways that identity thieves can take over your identity. Dumpster diving: Simply by sorting through …

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Mortgage Insurance – Understanding the Pitfalls

Mortgage Insurance

A recent meeting with a widowed lady reminded me that mortgage life insurance offered by banks is a big gamble. When her husband passed away, I delivered cheques from two life insurance policies within 45 days. Not so on the coverage they thought they had on an operating line of credit with a bank and a land loan with another …

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Creditor Insurance

The Forgotten Bench By Forestina Fotos D5qfb3o1

My recent article regarding creditor insurance has brought out a lot of interesting questions that I thought that I would take the time to clarify these further. Beneficiaries – Beneficiaries are the person/persons who receive the financial benefits from a policy. When you have mortgage insurance (creditor insurance), the lender is the beneficiary. This means you have no control of …

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Letter to Kevin Sorenson

  Kevin Sorenson – MLA Crowfoot, Minister of State (Finance)                                       July 28, 2014 Dear Kevin, I am passing along a copy of my recent financial article in the Stettler Independent’s Weekender edition paper, published on July 25th 2014. It’s time that both the federal government and our provincial government took a stand against banks being allowed to sell mortgage …

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Creditor Life Insurance – Value or Rip-off?


A death claim we handled for a client recently provided me with real evidence that creditor life insurance is a crap shot. Banks, finance companies, car dealers, etc. offer creditor life insurance purporting to pay off the loan balance in the event of premature death of a borrower. The borrower answers some basic medical questions, agrees to pay the premium …

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Banking Solutions, The Way It Should Be


Tweet Everyone Has Unique Financial Needs One of the ways that we differentiate ourselves from other financial planners is to recommend reputable banking products with a history of performance and profitability.  Where many financial advisors promote only investment or insurance products, we strongly believe that financial success begins with a solid banking infrastructure that you can draw from to sustain …

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CBC Marketplace – The Mortgage Insurance Game

If you think that your bank has your best interests at heart when they sell you mortgage insurance … think again! This CBC Marketplace investigation is a MUST-SEE for every homeowner.  The story was first published in 2008 but remains relevant today – another statement in its own right.

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Benefits Of Creditor Insurance

Are You Covered1

Make sure YOU benefit from the creditor insurance you’re paying for! I want to reinforce some things I’ve mentioned before about the pitfalls of life, critical illness or disability coverage for mortgages, loans, and lines of credit offered by banks, auto dealerships, and other lenders. Creditor coverage pays the lender if the borrower dies before the loan is paid off.  …

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New Canadian Mortgage Rules

Luxury House1

Will the New Mortgage Rules impact you? The Federal Finance Minister announced that Canadian mortgage rules are changing in July.  Many homeowners aren’t familiar with these alterations or how they’ll affect their mortgages going forward. Under the new lending rules, banks and mortgage companies can now only issue home equity loans up to a maximum of 80% of a property’s …

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When Buying Insurance Is A Waste Of Money


If any of these scenarios describes your situation, do yourself a favor and check into the different types of personally-owned insurance that could benefit you and your family under these circumstances. Our biggest insurance risks relate to personal liability and health, as most people could recover from the loss of a home or car, but losing their health could by …

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