Some things you should know before getting a mortgage

The difference between bank and personal mortgage life insurance

The one thing I can say with confidence is the same thing between all my clients is the desire to purchase a home. I hear this from every single person I sit down with that one of their biggest goals in the next 10 years is to be able to purchase a place in Vancouver. Now, whether or not that can be a reality is a different story. 

Regardless of your financial state, there are some basic things that a first time home buyer should know about getting a mortgage, from how you can qualify for one, how much you can qualify for, and the different options that are available. 

Things you need to know before getting a mortgage

After you've got everything sorted out, and you've purchased a home and have your mortgage worked out, you need some life insurance protection on the balance. If you have a mortgage and don't have protection, it's something you should definitely think about. Note that there are very significant differences between lender mortgage insurance and personal life insurance. Not only do you have no control or real ownership when getting it through the lender, but in many cases, individuals have been denied coverage at claim time. 

An example of a denied claim