If you already have a cottage in the family, there may be looming ownership, tax, and estate-planning problems if you’re thinking of selling or transferring to a new generation.

You’ve bought a new house, and you’re sitting with the bank’s loans officer ready to sign for that mortgage. Then she casually asks, “Would you like mortgage insurance with that?”—almost like your waiter asking whether you’d like fries or salad with your burger.

If you’ve been shopping around for a mortgage, you’ve probably heard about Investor’s Group’s offering of a variable-rate mortgage for 1.99 percent for a three-year term. This seems amazingly good. But is it too good to be true? Here’s the lowdown on those down-low mortgage rates.

Should you borrow to invest?

With the extended tax-filing deadline of May 5 rapidly approaching, you still have time to make sure you’re taking advantage of every single tax break you can get. Besides the exemption for the basic personal amount ($11,038 for 2013), there’s a host of lesser-known, but potentially very lucrative, tax deductions and credits you may be able to use to cut your tax bill.

Here are a few things you should know about mortgages to avoid getting fleeced.