If you have ever bought a home or are considering by a home, condo or townhouse, then you have probably heard the term Private Mortgage Insurance or PMI.
PMI is an insurance product sold by some private insurance companies. PMI protects a lender in case a homebuyer does not or cannot maintain payments on their home loan or mortgage. In other words, PMI protects lenders from loss if a buyer defaults on their loan. (more…)
What is Title Insurance?
When you sign a contract to purchase a home, it usually takes between 30-60 to complete the transaction. During this time, usually referred to as the escrow or closing period, many activities occur to secure a loan and to transfer the property from the seller to the buyer.
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Recent world events have instilled a sense of fear in anyone who turns on the television or opens a newspaper. People are more aware of their vulnerabilities, and more interested in purchasing insurance. The irony is that the same disasters, disease and acts of war have created a negative trend in the property and casualty insurance industry, to the point where these types of insurance are more expensive and more difficult for consumers to obtain. (more…)
Frozen squirrels, flying cows, invisible roundabouts and dogs with flatulence are some of the more freaky insurance claims around. Even house insurance isn’t always as straightforward as a leaking roof – how about roof damage caused by the downdraft of helicopter blades? It may sound like Mission Impossible but there are plenty of insurance claims that take the biscuit.
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Your home is generally your greatest asset and one that you can’t afford to loose so make sure you don’t skimp on your homeowners insurance.
Unlike car insurance it is not illegal to own a home without taking out homeowners insurance but if your home is financed in any way by a third party lender then the likelihood is that you will have to take out homeowners insurance at least to cover the building. (more…)
If you’re in the market for homeowner’s insurance, or even if you already have homeowner’s insurance, here’s some advice: take inventory of your home.
There are two reasons to take inventory of your home for your homeowner’s insurance policy. The first reason is many homeowner’s insurance companies will ask for an inventory of your home before they offer you a policy. (more…)
If you tend to buy into stereotypes, when you think about gardening, you probably think of little old retired women in oversized straw hats on their hands and knees tending to their petunias or tomatoes or whatever. However, gardening is a hobby enjoyed by many people of all genders and ages, and it’s a hobby that sometimes proves to not be for the faint of heart. (more…)
Whether it’s a buyer’s market or a seller’s market, real estate is always a hot business. Sure, everyone likes a good deal, and many buyers choose to purchase a home when prices are low, but the fact is people always need places to live; that doesn’t change just because property prices are high at a particular time. (more…)
Have the bills been paid? We need to fix that leak under the sink. When is the exterminator coming again? We have to grocery shop and do laundry this weekend. I’m going to take Bobby to the dentist tomorrow; can you pick Sally up from cheerleading practice on Friday? This house is a mess, when did you say your parents coming for a visit? (more…)
Have you ever played a game of Monopoly? If so, then you already understand the basic principles of property investment. You purchase a property, and rent it for profit. But real property investment is no game, and there’s a lot more involved in turning a profit than just passing “Go” and collecting a cheque. (more…)