Busted! Don’t Believe These Mortgage And Insurance Myths!

Investing in financial products like a mortgage and insurance means making expensive and serious life-changing decisions. Therefore it’s essential to do your research before buying or owning such financial products. To help you know more about these financial instruments, you will need assistance from a financial advisor. These professionals will help you understand the jargon and walk you through each step of the way, ensuring to mitigate any risk so that you don’t fall into a financial trap.

However, there is a whole lot of misconception about mortgages and insurance making customers reluctant in securing a mortgage or an adequate insurance cover. When you believe these misleading and outdated facts it could dissuade you from receiving a good financial option. To help you steer clear of these misconceptions, TLC FINANCIAL has debunked some of the most widely believed myths about mortgage and insurance.

Myth 1: A client’s credit history will be damaged if credit is checked seven times when looking for a mortgage
This is an old myth and NOT true! Equifax and Transunion credit services are more dynamic than this. They allow you to shop for a mortgage product and understand that you may go to a couple of mortgage providers for advice. If the three or four credit checks are done in an approximately twenty-one-day span, the credit institutions will look at this being a single check. However, if you do this over consecutive months, then this is where it can affect your credit.

Credit checks represent ten percent of your credit history. Not much at all. The heavier weight is on credit usage. For more information, feel free to contact me.

Myth 2: Mortgage brokers always charge a fee for originating a mortgage
False! Mortgage brokers provide free mortgage consultations. This is very beneficial to you as with one point of contact, you have access to the industry’s well-respected mortgage providers, free of charge on approved credit applications. Now, if you require financing that doesn’t provide commission to the mortgage broker, the mortgage broker HAS to disclose this to you before accepting any mortgage commitment.

Myth 3: Insurance products don’t have any use till you die!
This is completely untrue! Insurance products can provide income while you are off work due to illness or disability.

a) With illness, you can get a lump sum payment so you can focus on getting healthy.

b) With a disability due to an accident, you can obtain income to pay your mortgage payments till you get better.

c) Can save money in a tax-free vehicle and earn great returns.

The savings are creditor protected. Creditors can’t touch any savings or investments in the insurance product.

If you’re looking to steer clear of these myths, reach out to Ted Evans at TLC FINANCIAL. As a licensed and independent mortgage and insurance agent in Mississauga, I help clients in finding the right financial solutions for their needs. As a full-time mortgage agent with over seventeen years of experience, I will ensure to provide you with unbiased financial advice so that you can protect your hard-earned money and improve your financial position. I offer services which include mortgage planning, financial planning, insurance planning, debt refinance, consolidation loan, self employed financing, and commercial financing.

I serve clients across Mississauga, Oshawa, Bradford, Hamilton, Brantford, Oakville, and the Greater Toronto Area.

For a complete list of my services, please click here. If you have any questions about mortgage and insurance services, I’d love to hear from you, please contact me here.