Page 30 - Sports Energy News, Cornwall, Issue No 139

30 Issue 139 August 2024 www.sportsenergynews.com

Neighbourly Advice From Our Local Professionals
Neighbourly Advice Fr om Our Local Pr ofessionals

Mortgage and Housing Corporation insured 30-year amortization period
By Brian Johnston
Mortgage Specialist (CMHC) announced that it will boost – up from a 25-year maximum – with
its premium for this type of mortgage the additional 0.2 percent premium
NEW 30-YEAR MORTGAGES by 20 basis points. hike.
ARE COMING Starting Aug. 1, Canadian first-time The new mortgage policy was
Last week, two months after the homebuyers purchasing a newly designed to make home ownership
Liberal government moved to built home for less than $1million, more tenable for young Canadians
introduce 30-year amortization with a down payment smaller than 20 by curbing monthly mortgage costs,
for insured mortgages, the Canada percent, will be able to opt in to an Continued on page 31

usually boils down to price but there are can sometimes be better than a higher
By Michael VanderMeer
Real Estate Agent some things to keep in mind. offer with all kinds of conditions, as the
At this time, we are not seeing a lot of sales offer with conditions can beat you down
UNDERSTANDING MULTIPLE OFFERS go into multiple offers, but they still do on price (after the fact), for things like an
- SELLERS exist - normally in the lower priced homes unsatisfactory home inspection, or the deal
Last month I offered some insight and that are priced competitively. Also, not all could fall apart all together. Another thing
advice to buyers if they find themselves in multiple offers end up over asking price, to keep in mind is deposit - the higher the
multiple offers. This month we are looking although they still do occasionally. deposit, the better. With a higher deposit it
at multiple offers from a seller perspective. When dealing with multiple offers keep in is less likely that the deal goes south and
It is much easier for sellers to understand mind that the highest offer is not always the if it does, you can sue to retain the deposit
multiple offers than buyers. In the end it best offer. A lower offer with no conditions and any additional damages.

With Life Insurance, people generally purchasing temporary insurance will
Max Ming P.Eng. CFP ®
Financial Planner focus on two primary attributes – the increase with age as well as with health
premium and the benefit. To understand issues. The policy will have a level
LIFE INSURANCE – WHO NEEDS how to get the best premium you will cost for the term that is purchased (i.e.
IT ANYWAY?
need to first determine if your need (i.e. 20 year term), but then the price will
Seems like a pretty simple question, but death benefit) is a temporary need or a increase dramatically. Many people
many Canadians fail to address the need need that is permanent (i.e. your entire chose to use term insurance while they
for Life Insurance until it is too late. life). have a mortgage, which can be much
Many life events trigger a need, such as cheaper than buying mortgage insurance
A temporary need is generally to replace from a bank. Banks typically charge a
buying a home, having children, wanting to leave a legacy, one’s income during their working years flat rate for the life of the mortgage, but
etc. and/or while they have dependents only pay out the remaining balance of
relying on their income. The cost of
Continued on page 36

With our 2024 “Just Homes Listing Program”, Homeowners will never pay more than

3 3/4%+ HST commission which includes full weekly local newspaper

Owned and Operated by M. Jean Cameron Real Estate Limited advertising until sold, internet promotion and even an open house program when needed.
Serving the Community since 1959
613-933-3283 The savings may not stop here. When we sell your home directly to a buyer
check us out on the web at: without another real estate brokerage involved in the sale, we further reduce our
www.soldsmart.ca
sandy@homesnet.ca commission to only 2% + HST
“Not intented to solicit properties already listed for sale”