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3 ways to save on your home insurance

2/8/2017

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Home insurance can feel like a drag...till the day comes where you need it.  Here are 3 tips for saving money while protecting your home.
  1. Check out your insurance company's website for info on how to save money on your insurance.  For example having or installing a home security system or monitored fire alarm, choosing a higher deductible or going a certain period with no claims may make you eligible for a discount.  It pays to know!
  2. ​Your insurance companies website can also tell the impact on your insurance premium of the different features of your home.  Having a swimming pool, the type of heating in the home you choose, tenant insurance, electricity (breakers vs fuses, knob & tube wiring) and the type of piping (copper vs lead or kitec - an aluminum plastic cheaper substitute sold between 1995 & 2007) can all have an effect on the amount you pay.  Simple changes could save you a lot in the long run.
  3. Does your workplace or professional designation offer home insurance?  Compare prices as some can be significantly better than others.  Always shop around for the best price.
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What is the minimum I need to save for a downpayment?

2/8/2017

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The down payment is one of the most critical elements of financing your home.  Before you begin applying for your mortgage you need to have saved sufficiently for this initial expenditure on your home.

The first step is determining what you can afford to spend on your home. 
Calculate what total monthly payments you are able to make (mortgage payments, maintenance fees, heat, hydro, taxes).  Use this to determine the cost of the home you can afford to purchase.  
 
Next you need to determine how much you are required to put down on your future home. The required down payment is different for homes of different values.  For homes less than $500,000, a minimum of 5% of the value is required.  For homes between $500,000 and $1 million 10% is required.  If your home costs over $1 million, or if you want to avoid paying the mandatory Canada Mortgage and Housing Corporation (CMHC) mortgage insurance, you will need to put down 20% of the value of your home. M
ortgage insurance is lender (bank) protection against borrower default (you not being able to pay back your loan).    See CMHC for more detailed consideration of insurance.
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Remember that the more money you put down on your home when you purchase it, the less money you will need to pay back on your mortgage (with interest!).  The more money you can put down up front, the better off you will be in the long run. 
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5 little habits to save for the downpayment

2/7/2017

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Are you itching to buy?  Home ownership is an exciting and wonderful experience.  The trick is being able to afford it!  Here are some simple tips to help you save for that critical down payment.
  1. Be clear about your goal.  Put up a picture on your desk of a dream house.  Post a thermometer and mark off the savings as you put money away.  These things will motivate and remind you what you are working towards.
  2. Learn about finance to make the most of your situation.  There are lots of online resources, books and courses available to help you with this.  Knowledge is power when it comes to your money!
  3. Separate your savings.  Create a savings account specifically for your future home.  This will help motivate you and help to keep you from spending this money on something else!
  4. In consultation with your accountant & financial adviser, you will want to look into investing in a Registered Retirement Savings Plan RRSP, as first time borrowers can borrow up to $25,000 from the Home Buyer RRSP Plan toward their first home.  You may also want to explore a Tax Free Savings Account TFSA or simply GIC's to help you save the maximum amount towards your goal.
  5. Watch for any money you can put away for this goal:  Money willed to you or gifted by family, birthday money, tax refunds, work bonuses are great places to start.  You can also look for financial inefficiencies where you can improve to save more.  Try making your own coffee and taking lunch from home, cancel unnecessary subscriptions, maybe even pick up extra hours or a second job to see your way to the dream sooner. 



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