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32 Issue #100 May 2021 www.sportsenergynews.comom
Neighbourly
Neighbourly Advice From Our Local Professionals
Advice Fr
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Term life insurance is designed to used, especially for business purposes, but
Max Ming
Investment Advisor financially protect you and your family the two most common personal situations
against worst case scenarios. With term are:
Do I need Life Insurance? life insurance, you determine the amount 1. Parents with dependable children who
One discussion we seem to run into of money your family would need if you rely on the income you bring home. What
over and over again is the need for life passed away and then you pick the number would your family’s lifestyle look like if
insurance. It seems like a pretty simple of years you want the insurance contract you stopped coming home?
question, but many Canadians fail to to last. It is the most affordable type of life 2. Debts that would be passed to a loved
address the need for life insurance until insurance to protect your family. Always one upon death (think mortgages/loans).
it is too late. remember, you are not purchasing term Term insurance is usually cheaper than
It is one of the most misunderstood products in the financial insurance for you... you are purchasing it mortgage insurance form the bank - and
industry, partly because there are many different forms of for your loved ones in case you pass away you own the policy, not them!
insurance policies, such as Term, Whole Life, and Universal Life. and can no longer produce an income that Consider this example:
To understand which insurance is right for you, you will need they rely on! A 35-year-old couple (Joe and Sarah)
to first determine if your need (i.e., death benefit) is temporary Who should have term life insurance? with 2 children (age 1 and 3).

(term) or permanent (your whole life). There are many situations where term is Continued on page 37

By Michael VanderMeer the maximum exposure they need. Without under their own names, they are swamped
Real Estate Agent maximum exposure, they are not going with e-mails. The main reason for this is
to get top dollar for their homes. People that they are getting the dreamers and the
SELLING OUTSIDE OF ORGANIZED
REAL ESTATE. selling privately are also going to have to bored people inquiring - or as I have heard,
In the biz, we call people selling privately deal with a lot of people who waste their a lot of requests for rent-to-own. They do
FISBO’S. New agents love them as they time. Many of the inquiries that sellers are not do this with realtors as they know that
can occasionally convert them to listings. going to get from Kijiji are unqualified realtors ask the right questions.
I am not saying you can’t sell your home
In December I did an article titled A Bad buyers and dreamers. We know this as
Time to Sell Privately, I have decided to do a follow up based on we have our listings automatically sent to though this site - what I am saying is you
this topic to get the word out again as I’ve recently came across 5 this site and we get the fewest of our leads are not going to get as many buyers and
FISBO ads on Kijiji. from there. The leads we do get are usually therefore are not going to get as much
Kijiji is a great place to sell items such as furniture and cars. not as serious, whereas I have heard from money as you would if you put your home
our sellers that when they posted on Kijiji
Private sellers can post houses on the site, but they are not getting Continued on page 41

Not that long ago, when housing It is clearly in the buyers’ best interests
By Brian Johnston supply equaled or exceeded demand, the to know in advance how much mortgage
Mortgage Specialist
buyer would insert a clause requesting they might qualify for. This is achieved
A Pre-Approval Does Not Guarantee a five business days (usually) to arrange by providing complete information and
Mortgage Approval mortgage financing – this is called a documents to your bank or mortgage
Many Canadians are under the “condition of financing.” Even one or two broker and allowing them to dive deep into
assumption their mortgage is as good days can make a world of difference. your personal finances and credit. They can
as done once they have a mortgage pre- These days across much of Canada, then underwrite your application upfront.
approval. residential real estate is such a hot Even when a thorough review has been
But the truth is that a buyer cannot commodity it’s more likely offers to conducted, and you are clutching a pre-
expect a mortgage pre-approval will purchase will be firm and without a approval certificate, there are many things
automatically translate into a mortgage. The lender now needs condition of financing. that could happen to compromise your
to consider the property itself, approve all the terms, and review The process is very skewed in favour of home purchase.
the documentation before you transition from pre-approved to sellers at the moment, and it’s really not a Insured Mortgage Approval
approved. comfortable or fair situation for the buyer. Suppose you are in line for an insured
Buyers often do not appreciate there is still some uncertainty The fact of the matter is homebuyers are mortgage, which is always the case with
when it comes to their mortgage. Unfortunately, once in a while taking this risk every day. In many less than a 20% down payment. Your
this uncertainty bites back – with calamitous consequences. markets, it’s the only way you will win in a mortgage approval is technically approved
Going in Without Conditions in a Hot Market multiple-offer situation. Continued on page 33