Life Insurance Needs DIME

How much Insurance do you really need?

If you buy too much, you will overpay for years, if you have too little, your beneficiaries will be left with liabilities. So getting the right amount is important.

Mortgage Renewal Time

It comes in the mail to thousands of Canadains everyday ... a mortgage renewal from their bank.

According to CMHC more than 60 % of renewals are signed and sent in.  Many home owners pay 1,000 of dollars too much for their mortgages because they don't review their current needs before they renew.

Here are three things you should consider before you sign the paperwork to renew your mortgage....

Financial Feedback Interest Rates

Locking in the interest rate on your mortgage can bring some comfort, but it comes with a price.  Some are of a mind to float the rate to get best possible deal today while others are prepared to pay more now with the security of future cash flow.


This months Financial Feedback Questions is "How would rising interest rates effect your next mortgage renewal or home purchase?" (Make sure to check other responses after you complete the questions.)

Canadian Debt Worse than the USA

We Canadians are known for being privately proud of our country. Being so close to the United States we have become known as their much smaller brother, always second best.


But now we have something to point to, as being better at than the Americans ... we Canadian's carry more house hold debt than they do.


That's right! After watching financial melt down and the US economy crash, we Canadians continued to pile on the personal debt. 


Recently Bank of Canada Governor Mark Carney gave a stark warning to Canadian house holds in this report from CTV from the Vancouver Sun...

How high is too high?

Interest rates are starting to rise ... how will you deal with increase on your cost of living?

For many with substantial size mortgages and balances on credit cards an small increase can mean the difference between dinner out and paying the hydro bill. 


The impact of increasing interest rates is one of the most overlooked risks when borrowing money. 


Why do we overlook or ignore something so obvious? Usually it comes down to two things ....

Tax Refund? 5 Things to do with it

Over the next couple of weeks the Kelowna economy will receive a boost as many receive their tax refunds.

For many the plans are being made right now to, go on vacation, buy new living room furniture or treat the family to nice dinner out.

But before you cash that cheque you may want to consider these 5 financial suggestions that could make your financial life better today and in future.

Too much Mortgage too Little Money

I have seen it so many times. Kelowna real estate prices have climbed in last 5 years so much that many are buying more house than they can afford. When most purchasers are done once you do the math they are behind $200, $300 even $500 every month.

The the bottom line is their new mortgage payment is just too much!

How can someone make what seems like an obviously bad decision with the help of some one trained in the mortgage business?

Buying a Home? Size Matters!

The proof that the cost of home ownership is going up ... Vancouver was named the "most severely unaffordable" city in the world to live in. Kelowna wasn't far behind, named 38th in Demographia International report released last week.

You have probably noticed your houses value decreased since last years assessment. Even if you are down 50,000 or 100,000 dollars you are still way ahead of housing prices in Kelowna 5 years ago.

John Daly Cup 2009 OMREB Charity Golf

Sun was out and clubs where swinging at the 2009 OMREB Charity Golf Tournament at Michael Brook Ranch.

Realtors, Mortgage Brokers, Lawyers, their friends and families from around Kelowna, West Kelowna and the surrounding Okanagan Valley came together to raise money for The Kelowna Women's Shelter and the Kelowna Hospice.

The total raised was almost $4,000!

In total 18 teams and almost 100 realtors participated in the Texas Scramble event. Prizes where awarded for putting, longest drive, lowest over all score and again at the 2nd hole, saw the return of infamous "John Daly Cup".

The event was the brain child of Philippe Daigle of Invis Mortgage and Mike Hassard in 2008. The challenge to all the participated ... the closest drive to pin WITH A PUTTER! The event was so much fun ... they were asked to come back in 2009!

In just the third rotation ... Roger Cyr with Cyr and Associates had hit the green using his favorite putter. His drive almost held up until Gloria Bedwell of Realty Executives drove off the tee closer to the pin.

So just how hard is it drive with a putter? Check out video results at http://omrebjohndalycup2009.blogspot.com/

This years the hole was run by Mike Hassard, Philippe Daigle and Shawn McMann.

A special thank you to Okanagan Mainline Real Estate Board, Nancy Mackellar with Royal Lepage, Mark Jennings-Bates with Coldwell Banker and the staff at Michael Brook Ranch Golf Course for putting on a great event.

Mike Hassard Kelowna

Life Insurance vs Mortgage Insurance

The Okanagan is beautiful place to live ... many are moving here and buying real estate.

Do you have mortgage insurance? Check out this article on the advantages of Term Life Insurance over mortgage insurance.

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Investment Executive
01 Jan 2009

If you’re looking for grist for the argument that term life insurance provides greater value than the banks’ creditor products, you may find it in the final report from the joint insurance regulators on incidental sales of insurance. The report, which...read more...

Also check out this report below from the CBC Marketplace on downside of mortgage insurance from December 2008.

Are getting what you are paying for? Quite an eye opener.

Make sure you know what type of insurance you own. It could mean the difference between paying off your mortgage or losing your home!

Mike Hassard Kelowna