Why Should Someone Buy Whole Life Insurance When Contracting a Mortgage Loan?
Whole Life Insurance should be taken in all cases to protect your family in the event of death of the principal wage earner, in order that spouse or children do not have the burden of repaying the mortgage loan. The proceeds from Whole Life Insurance can be applied against the Mortgage Debt. We would encourage prospective homeowners to seek some form of life coverage for mortgage debt, in the event of death, during the life of the loan.
Is it important to budget for the maintenance of your home?
It is essential and important to budget or one must make allowance for maintenance. Meeting maintenance cost to ensure that you retain the value of your investment in the property is critical. Financial institutions should encourage their clients to do so. Homeowners should put aside funds for doing regular maintenance including painting, mowing of lawns, fumigating of homes etc.
Why do contractors take a downpayment upfront?
It is totally unwise to provide contractors with payment upfront. Contractors need to be able to approach a financial institution for a loan, which he/she could use as mobilisation or start-up funds. The homeowner is not obligated to provide funds for mobilisation. However, in the event that the client chooses to provide a down payment, it should range between 5 – 10 per cent of the