Blog

David's thoughts on anything real estate related




Mortgage protection insurance seems like a great idea on paper. After all, you financially protect your home, your car, your health, and your life with insurance. Why not do the same for what’s typically your largest debt obligation?


But a MPI policy might not be the best way to help your family pay off the house.


Here are five questions you should ask before you buy mortgage protection insurance. 


Who is the Beneficiary?


The Beneficiary is the party that receives a death benefit. WIth MPI, the lender is the beneficiary. Sure, they will pay off the mortgage, but what if your family would prefer to use it for something else? Maybe, 20 years into the mortgage, your family would prefer to use the cash for your final tax bill, final expenses, your kids' university, or to take time away to grieve. WIth MPI, you don't have the freedom to choose the beneficiary.


Is it guaranteed to pay out?


MPI is not fully medically underwritten. It has a higher decline rate than policies that are underwritten for the insured's specific health history and thus contractually guaranteed to pay out. If you don't answer a detailed medical health history report, and take out the policy with a licensed insurance advisor, chances are, you have some gaps in your coverage that won't give you the peace of mind that insurance is meant to offer. Furthermore, if you are "younger" and "healthier" that an average person of your age and gender, your own personalized policy may cost less than a lender-based policy.


Will my payout change?  


A fundamental weakness of most MPI policies is that their payout decreases over time. As you work down your mortgage, there’s technically less to protect.

That becomes a problem if your premiums don’t change even as your payout plummets. You’ll be paying the same amount for less protection!

Ask about policies that feature a level death benefit. They’ll provide you with the same amount of death benefit regardless of how much is left on your mortgage.


Will my premiums change?


Premiums for MPI aren’t always fixed. The amount you pay for protection each month might decrease or skyrocket. Your wallet is at the mercy of your insurance provider!

Just remember that fixed premiums might be a double edged sword. It may be useful to have a policy with premiums that lower over time if you don’t have a level death benefit. Ask about fixed premiums for your MPI before you find yourself paying more for less!


Would life insurance be a better option? (hint: the answer may be yes)


Term life insurance may be a better choice than MPI. Payouts are guaranteed by the insurance company and premiums are fixed. You won’t have to worry about paying more for less protection as the years go by.


It’s also flexible. A chunk of the death benefit may knock out the mortgage, while the rest can fund post secondary education, health care costs, and living expenses.


There are special circumstances where MPI is superior to term life insurance. It typically doesn’t have medical restrictions, making it a good option for people who normally wouldn’t qualify for term life insurance. Just remember to ask your financial professional these questions if you decide to learn more!


I encourage all of my clients to meet with a financial professional when making any major financial changes such as re-financing a home, having a child or before changing careers. 

 
Read full post


This video will teach you how to search for ALL active and sold homes. Realtors use a system to promot their listings called reciprocity. This gives the public access to listings using services such as this website (and other less sophisticated websites like Realtor.ca and REW.ca). You can search for ALL active and SOLD homes. You can even save your search and have new listings that meet your own personal criteria sent to your email. This website is all you need to learn about the market specific to your home search before hiring a real estate agent.


CLICK HERE TO CREATE YOUR ACCOUNT AND START YOUR HOME SEARCH

Read full post



DETAILS HERE


An urban oasis in the heart of Richmond. Surrounded by ponds and streams with over 200,000 square feet of landscaping, Huntly Wynd is resort living at it’s finest.  Enjoy mornings on your grand west facing patio with newly replaced Italian porcelain tiles overlooking a private garden, lagoon and water feature. This home has been renovated from head to toe with complete open floor plan on the main floor.  Real hardwood floor throughout.  Dining room and modern kitchen with quartz countertops for family cooking and entertaining guests.  Converted gas cooktop is a rare find in the complex.  Energy efficient double pane windows and patio door were recently installed.  The huge living room with gas fireplace will become your home theatre with a click of a switch, equipped with 7.1 audio system, 120” screen and 3D HD projector.  The loft can be the 3rd bedroom or office.   Extra storage behind the master bedroom and on top of carport.  24 hours security guard on duty at the entry gate brings peace to this exclusive community.  Clubhouse was recently updated with new furniture and first class salt water indoor swimming pool, hot tub, sauna, gym and an attached guest suite. Corner unit. 19+ adult oriented, no rentals.

Read full post
Categories:   15% | 15% Tax | 1940 | 2 bedroom | 2-5-10 New Home Warranty Insurance | 4345 Rockridge Road | A realtor that will jump through hoops for you | A Realtor that will pump iron for you | accept offer | accurate pricing | affordable housing | Answers in Real Estate | answers in real real estate | arbutus | Arbutus, Vancouver West Real Estate | art and science of negotiation | arterial roads | Assessed Values Vancouver Real Estate | BC First-Time New Home Buyers' Bonus | BC Home and Garden Highlights | best time to sell a home in vancouver | Better search engine than realtor.ca | Board Statistics | bosa | Brochure | Bubble | building a home in vancouver | Building a new home in Vancouver | Building a new single family home in Vancouver | Building on irregularly irregular shaped lot property vancovuer | Buy a New or Used Home in Vancouver | buy or sell first | buyer market | buyer's market | buyers | buying | buying a home | buying a home in Vancouver | buying a single family home in vancouver | buying new construction real estate in vancouver | Buying re-sales vancouver real estate | Cambie | Cambie Listing Vancouver Real Estate | Cambie, Vancouver West Real Estate | Canadians invest in Arizona Real Estate Is now a good time to buy AZ Real Estate | cast in place | changing | changing market | Character merit assessment | Charity Donation | charity donation real estate agent vancouver | Check out my Mobile Search App | checklist for assessing character merit | Chinese Influence on the Vancouver Housing Market | Chinese influence on Vancouver housing market | cigar-et smoke smoking strata bylaws | city of vancouver | Coal Harbour | Coal Harbour, Vancouver West Real Estate | code of conduct | commission | Common mortgage mistakes | Competition and the MLS System | Competition Bureau and the MLS System Changes | condo | Condos | construction cost | correction | cost of construction | cost to build a home in vancouver | Cost to build a single family home in Vancouver | counter offer | crazy market | CRFS Contingency Reserve Fund Study Vancouver Real Estate | Current housing market conditions in Vancouver, Video Market Update for March 2015 | david | David Setton | davidsetton | December 2011 Market update | declaration | decluttering a westside vancouver home | Depreciation Reports Strata Reports CRF Study Contingency Reserve Fund Study | detached | difficulty buying a home in vancouver | Directory of Senior's Housing in Vancouver | dishonest real estate agents | Douglas park vancouver neighbourhood | downtown | Downtown VW | Downtown VW, Vancouver West Real Estate | Dubar | Dunbar | Dunbar, Vancouver West Real Estate | Dundarave, West Vancouver Real Estate | East Vancouver | East Vancouver Real Estate | East Vancouver real Estate Market | East Vancouver Single Family Market | empty home tax | ethical | ethics | fairview | Fairview VW | Fairview VW, Vancouver West Real Estate | falling market | False Creek | False Creek, Vancouver West Real Estate | family housing | February 2011 Vancouver Real Estate Market Report | first hand story | FOMO | foreign | Four Great Things about Laneway Houses in Vancouver | Fraserview VE, Vancouver East Real Estate | fsr | full price offer | Glenmore, West Vancouver Real Estate | Grandview VE, Vancouver East Real Estate | Green building, Building a green home in Vancouver, Live Green, Environmental Construction | Guildford, North Surrey Real Estate | Hamilton Real Estate | Harbour Green | Heritage Home Renovation | heritage register | high values | home | Home and Garden Show 2011 | Home building in Vancouver | Home buyers guide Vancouver real estate | Home buyers Guide Vancouver Real Estate Purchase | home buying | home market | home prices | Home Prices Vancouver | home sales | home search | home searching | Home Staging | home values | home values skyrocket | homebuyer's guide, home buyer handbook, purchasing a new home - the process | homes sales | homes selling in vancouver | honest real estate agent | Hot to interpret the Vancouver Westside Real Estate Market | housing | How do I find land to build a single family home in Vancouver? | How is the Vancouver Real Estate Board Doing | how to choose a real estate agent | how to hire a realtor | How to make an offer on a home in Vancouver | How to prepare a home for sale | How to purchase a home in Vancouver | how to renovate a home | how to sell a home for money | HPO | importance of floor plan when buying a single family home in Vancouver | Important words to know from CMHC when buying a home | Internet home search | Internet Home Search Tool | inventory | investment strategy | June Vancouver Real Estate Market Update | Kerrisdale | Kerrisdale, Vancouver West Real Estate | Kitsilano | Kitsilano Home Open House | kitsilano home sales | kitsilano real estate market update | kitsilano sold prices | Kitsilano, Vancouver West Real Estate | know the market | land assembly | laneway houses - cash from your property | Leaky Condos | learn about real estate mortgage options and mortgage insurance | list price | Live Work | location | lower cost housing | Luxury homes | Luxury marketing brochure | MacKenzie Heights | MacKenzie Heights, Vancouver West Real Estate | Main, Vancouver East Real Estate | making home | market | market conditions | Market Conditions in East Vancouver | Market Conditions Vancouver Westside | Market Correction | Market Report | Market Report Update from Vancouver Real Estate Board | Market Report Vancouver | market trends | Market Update | marketing | May 2010 Vancouver Market Report | Mayor Kennedy Stewart | morals | Mortgage advice when buying a home in vancouver | Multiple offers | New Project planned at Oakridge | New vs. old homes Vancouver Real Estate | Newsletter articles | North Vancouver Real Estate | Northlands | number of sales | Oakridge plans | Oakridge redevelopment | Oakridge shopping center | Oakridge shopping Center highrise site | Oakridge Shopping Center plans for redevelopment | Oakridge VW, Vancouver West Real Estate | oakwyn | oakwyn realty | over asking | Patina Vancouver High Rise YMCA | Pemberton NV, North Vancouver Real Estate | point grey | point grey single family market | portico | predict the market | prefab housing | Preparing your home for sale | price | price of a home | prices | pricing | Professional Marketing | Professional real estate marketing | property status | Property Transfer Tax | rainscreen | rainscreened buildings vancouver | Real Estate | Real Estate Agent | Real Estate Board of Greater Vancouver Market Update | Real Estate Commissions | Real Estate Market | real estate market change | Real estate market update | Real Estate Market Update for January 2014 | real estate tv | Real Estate Vs a Live Insurance Investment | Realtor | Realtor Commissions | recent sales | reject offer | Renderings for New development at Oakridge Vancouver | Renovating a home | Renovating a single family home | Renovation Mistakes | Rescinding a pre-sale condo, Vancouver real estate | rising market | Rockridge | Rockridge, West Vancouver Real Estate | rs-1 | rs-4 | S.W. Marine, Vancouver West Real Estate | Search for Vancouver Real Estate | searh | sell for over asking price | sell online | Sell your home faster | Sell your home online | selling | Senior's Housing locations in Vancouver | Senior's Housing Types | September market update | shady realtors | Shaughnessy | Single Family | Single Family home market report for Vancouver West | single family market | single family market report | Single Family Market Update | Single Family Market Update Vancouver Westside | Single Family Real Estate Market | sixteen willows | Sold | sold home | sold homes | Sold Listings | sold prices | South Cambie, Vancouver West Real Estate | south granville | South Vancouver, Vancouver East Real Estate | south w | south west marine drive | southlands | Southlands Country Fair Sunday Sept. 16th from 10AM to 4PM | Special Levies Contingency Reserve fund Studies | Speculation | Statistics | Stats for the Single Family Vancouver Westside Market | steps to be aware of before buying a home in vancouver | Steveston Village, Richmond Real Estate | Steveston Villlage, Richmond Real Estate | story about market | Tempe, North Vancouver Real Estate | The steps involved in purchasing a home in Vancouver | The Value of a REALTOR in Vancouver | things to remember before buying a home | Tips for selling a home during the holiday season | townhome | townhomes | trg realty | trust | Types of Senior's Housing | understand | Understanding Stats | Understanding the data and stats | update | Ups and Downs of the Vancouver Market | values | Vancouver | Vancouver East Real Estate | Vancouver Housing Report | Vancouver market report | Vancouver market report - september 2011 | Vancouver market report update for October 2011 | Vancouver Market Update | Vancouver Market update report real estate | Vancouver Most Expensive City | Vancouver real estate | Vancouver Real Estate Agent | vancouver real estate agents | Vancouver Real Estate Average Priced Home | Vancouver Real Estate Board Market report | Vancouver real estate market report | vancouver real estate market report May 2011 | Vancouver Real Estate Market Update | Vancouver real estate market update report | Vancouver Real Estate Marketing | vancouver realtor | Vancouver Single Family Home sales | Vancouver Single Family Market | Vancouver Single Family Market Report | Vancouver West Condo | Vancouver West Market Report Vancouver BC | Vancouver West Real Estate | Vancouver West Real Estate Market Conditions | Vancouver Westside | vancouver westside market | Vancouver Westside Market Report | Vancouver Westside Real Estate | Vancouver Westside Real Estate Stats | Vancouver Westside Realtor | Vancouver Westside Single Family | Vancouver Westside Single Family Conditions | Vancouver Westside Single Family Home Real Estate Trend Graph | Vancouver Westside Single family market | Vancouver Westside Single Family Market Report for June 2013 | Vancouver Westside Statistics for June 2013 | Vancovour | verona | Victoria VE | video blog | virtual real estate | Vnacouver Market Report for February 2012 | well designed condo | West End VW, Vancouver West Real Estate | West Pender Place | west side | West Vancouver Real Estate | Westside | Westside Market Conditions | westside real estate | Westside Real Estate Statistics for May 2013 | What is keeping vancouver real estate prices high | what makes a good real estate agent | what to do before buying a home | What to do if my home leaks | what to look for in a realtor | what to look for when buying a single family home in vancouver | What's Hot and What's Not | what's selling in point grey | What`s Hot and What`s Not | why invest in a single family home in vancouver westside | Why it is better to use a buyer's agent | Win / Win Conflict Resolution | Yaletown, Vancouver West Real Estate | zoning
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.