Expect the Unexpected in Life: An Insurance Blog

Watch this video:

www.theglobeandmail.com/globe-investor/personal-finance/ready-to-sign-on-the-dotted-line/article1305738/

Ok so the Globe and Mail is doing a video podcast type thing for 4 months. It's for young couples and it's called "Building Blocks." Basically it's to help young families build their financial future.

The video above is about buying a house and the things you should think about with your mortgages.

The most important point the guy makes is "although you may be pre-approved for a specific amount, you need to ensure that you can afford your mortgage before you sign the papers."

It also gives you guys a good look at how you should approach all contracts (including investments and life insurance.)

The guy makes a small error in the video when he says "when you financial advisor is sitting down with you with your mortgage papers." He really means mortgage broker.

One thing he left out is that when you are signing that stack of papers the mortgage broker will try to get you to buy their insurance. Usually the paper is in with the stack of mortgage documents. Be wary of buying this insurance as you get much better coverage and freedom with life insurance.

Also with mortgages. You should never ever deal with a bank directly. They would love you too because they can possibly charge you higher rates. Only deal with a mortgage broker who can shop around to all companies and get the best rate for you.

Take it easy!