Are you considering buying your first home? From purchasing mortgage life insurance to using professional agents, here are 8 things you must know before buying a house. 

Becoming a homeowner is one of life’s most exciting and challenging milestones. While owning your own property can be a dream come true, having a mortgage comes with its own concerns, particularly: who would pay off the mortgage if something happened to you?

Purchasing a flexible and affordable mortgage life insurance is crucial if you’re a homeowner because it will:

  • ensure your loved ones always have a roof over their heads
  • allow your spouse and children to spend your insurance funds in a responsible and beneficial way
  • provide your family with financial security in times of difficulty
  • give you peace of mind that comes from knowing that your family will be taken care of in case of your sudden passing or illness

Flexible and Affordable Mortgage Life Insurance Rates in Calgary

20/20 is proud to be Calgary’s first digitized, paperless mortgage protection product and has been designed specifically to make mortgage life insurance as affordable, accessible, and simple as possible.

Want to know more about our affordable mortgage life insurance rates?


8 Things To Know Before You Purchase Your First Home

Whether you’re looking to move out of your parents’ home for the first time, own a home after renting for many years, or buy a place with your spouse, purchasing your first home is a huge step.

To help you make the right decision, here are 8 things you must know before becoming a homeowner:

  1. You don’t have to own your own home. Before purchasing a home, you must ask yourself if this decision makes financial sense for your particular circumstances. While some people may say that rent is throwing money away, there are some benefits to renting, especially if you move around a lot.

  2. Don’t listen to everything you hear. As soon as you announce that you’re looking to buy a home, you can expect friends and family to shower you with well-intentioned advice. Remember: the principles that may have been true several years ago don’t necessarily continue to be so in today’s changeable property market.

  3. While buying a home is exciting, don’t rush! Take your time to check out all the small details: smell for mold, knock on walls to see if they sound hollow, and check other aspects such as the water pressure and air conditioning.

  4. Work with experienced professionals. To ensure you’re making the right decision, work with a licensed home inspector to pinpoint any issues that could end up becoming costly repairs.

  5. Do what’s right for you. When buying a home, remember to go with your head and not your heart. Don’t be afraid to walk away from a bad deal: there will be other properties, maybe even better ones. Remember that this is a huge financial transaction and your terms must be met.

  6. Carefully consider what you can afford. Before beginning your house hunt, determine your budget based on what you can afford to repay now, not the maximum you’re allowed to borrow. Also remember that even if you’ll be earning more in a year or two, circumstances such as children and education could increase the other expenses in your life. So make sure there’s room in your budget for you to live the life you want.

  7. Take your time. Don’t operate on anyone else’s timeline but your own and don’t make commitments that will make things challenging if your property hunt takes a few months longer than you anticipated. Tip: If you’re renting, stay on a month-to-month agreement so that you can move without penalty.

  8. Remember to protect your investment! Your money can have the piece of mind and a roof over their heads. 2020 offers coverage that you control vs. the banks.

Call Today

To find out more about our mortgage life insurance rates and products, and how we can help you protect this huge financial investment, contact one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.

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