Understanding Mortgage Insurance: Your Options Explained

Dean Garrett • April 2, 2024

As your trusted Mortgage Professional, I'm here to ensure you're fully informed about protecting your mortgage and your family's financial future. You can’t buy Life Insurance when you need it! You need to plan and invest in your family's security now. Don’t buy Life Insurance from your Bank. It can’t move with your mortgage and will cost you much more.

Let's dive into the world of mortgage insurance and explore your options.

Manulife Mortgage Protection Plan (MPP)

MPP is designed to safeguard mortgage holders and their families in the event of an accident or health issue. While it's not mandatory, as your mortgage broker, I'm obligated to offer this product to ensure your peace of mind.

Here's what you need to know:

Underwritten at application: Expect a call from an MPP representative within 10 days of completing the application.
Two crucial questions: Consider whether you have adequate life insurance coverage and whether your disability plan is sufficient to cover mortgage payments and living expenses in case of illness or injury.
Key features: Enjoy a 60-day refund option, portability between lenders and properties, and the flexibility to adjust premiums based on mortgage changes.

Better Mortgage Insurance:

While banks offer mortgage insurance, there are alternative options worth exploring. Better Mortgage Insurance offers smart, flexible solutions tailored to your needs:

Coverage flexibility: Choose from coverage terms ranging from 15 to 35 years with life insurance coverage up to $4,000,000.
Additional protection: Options include disability insurance coverage up to $3,500 a month and critical illness coverage up to $25,000.
Premium guarantees: Rest assured knowing that premiums will never increase, and coverage stays with you regardless of where you bank.

Why Choose Mortgage Insurance?

Your home is your biggest investment, representing your retirement fund and estate. By securing adequate mortgage insurance, you protect it from unforeseen circumstances, ensuring financial stability for you and your loved ones.

Let's Connect

If you're considering mortgage insurance or want to explore comprehensive life insurance options, I'm here to help. Contact me today to discuss your unique needs and find the right protection for your mortgage and your future.

Dean Garrett

Mortgageminder - Your Mortgage Professional

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Dean Garrett

Mortgage Professional

Your Guide To The A First Home Savings Account (FHSA)

By Dean Garrett • March 6, 2025

Dreaming of owning your first home? A First Home Savings Account (FHSA) could be your key to turning that dream into a reality. Let's dive into what an FHSA is, how it works, and why it's a smart investment for first-time homebuyers. What is an FHSA? An FHSA is a registered plan designed to help you save for your first home taxfree. If you're at least 18 years old, have a Social Insurance Number (SIN), and have not owned a home where you lived for the past four calendar years, you may be eligible to open an FHSA. Reasons to Invest in an FHSA: Save up to $40,000 for your first home. Contribute tax-free for up to 15 years. Carry over unused contribution room to the next year, up to a maximum of $8,000. Potentially reduce your tax bill and carry forward undeducted contributions indefinitely. Pay no taxes on investment earnings. Complements the Home Buyers’ Plan (HBP). How Does an FHSA Work? Open Your FHSA: Start investing tax-free by opening your FHSA. Contribute Often: Make tax-deductible contributions of up to $8,000 annually to help your money grow faster. Withdraw for Your Home: Make a tax-free withdrawal at any time to purchase your first home. Benefits of an FHSA: Tax-Deductible Contributions: Contribute up to $8,000 annually, reducing your taxable income. Tax-Free Earnings: Enjoy tax-free growth on your investments within the FHSA. No Taxes on Withdrawals: Pay $0 in taxes on withdrawals used to buy a qualifying home. Numbers to Know: $8,000: Annual tax-deductible FHSA contribution limit. $40,000: Lifetime FHSA contribution limit. $0: Taxes on FHSA earnings when used for a qualifying home purchase. In Conclusion A First Home Savings Account (FHSA) is a powerful tool for first-time homebuyers, offering tax benefits and a structured approach to saving for homeownership. By taking advantage of an FHSA, you can accelerate your journey towards owning your first home and make your dream a reality sooner than you think.

Is It the Right Time to Refinance? 5 Signs You Should Consider It

By Dean Garrett • February 27, 2025

Refinancing your mortgage can be a smart financial move, but how do you know if it’s the right time? Whether you’re looking to lower your monthly payments, access home equity, or consolidate debt, refinancing can offer valuable benefits. Here are five key signs that it might be the right time to refinance your mortgage in Canada. 1. Interest Rates Have Dropped One of the most common reasons Canadians refinance is to secure a lower interest rate. Even a small decrease in your mortgage rate can lead to significant savings over time. If rates have dropped since you took out your mortgage, refinancing could help you reduce your monthly payments and save thousands in interest. ✅ Tip: Check with your mortgage broker to compare your current rate with today’s market rates. 2. Your Financial Situation Has Improved If your credit score has increased or your income has stabilized since you first got your mortgage, you might qualify for better loan terms. Lenders offer lower rates and better conditions to borrowers with strong financial profiles. ✅ Tip: If you’ve paid off debts, improved your credit score, or increased your savings, refinancing could work in your favour. 3. You Want to Consolidate High-Interest Debt Carrying high-interest debt from credit cards, personal loans, or lines of credit? Refinancing can help consolidate those debts into your mortgage at a much lower interest rate. This can make monthly payments more manageable and reduce the overall cost of borrowing. ✅ Tip: Make sure the savings from refinancing outweigh any prepayment penalties or fees. 4. You Need to Free Up Cash for a Major Expense Many Canadians refinance to access their home’s equity for renovations, education costs, or major life expenses. With home values rising in many areas, a refinance could help you tap into that value while still keeping manageable payments. ✅ Tip: Consider a home equity line of credit (HELOC) if you need flexible access to funds. 5. Your Mortgage Term is Ending, and You Want Better Terms If your mortgage is up for renewal, it’s the perfect time to explore refinancing options. Instead of simply accepting your lender’s renewal offer, compare rates and terms to see if you can get a better deal elsewhere. ✅ Tip: A mortgage broker can help you shop around and negotiate better terms on your behalf. Is Refinancing Right for You? Refinancing isn’t always the best move—there can be penalties for breaking your current mortgage, and not all savings are worth the switch. However, if you relate to any of the five signs above, it’s worth discussing your options with a mortgage professional. Thinking about refinancing? Let’s chat and find the best option for you!