⌟ First Time Homebuyers
You’ve already decided to buy a home and are looking for some guidance with your mortgage. Entering into a Mortgage is a long-term commitment with significant impact – so it is important to ensure you’ve covered all the bases. We help guide you through the mortgage process and help secure terms for a mortgage that make sense for you and your family. We analyze your situation with real numbers, to perform scenario analysis, and talk through many factors that go into choosing the appropriate loan terms.
Small changes in loan terms can result in additional thousands of dollars paid or saved in interest over the life of the loan. Schedule a free consultation today, to find out what to watch out for!
Securing a Mortgage can be stressful. We guide you every step of the way.
1. Gather information on your income/expenses, assets/debt and approximate mortgage size you are looking at.
2. Discuss any potential life events (career change, job risks, etc.) that may affect your ability to meet your monthly obligations. Develop a plan to have a reserve for unexpected emergencies.
3. Evaluate, gather market information, and advise on an ideal mortgage terms and help you secure that loan.
Q : I’m already working with a Mortgage Broker. Does it make sense to also work with a Financial Advisor?
A: Yes, it does make a lot of sense to speak with a Financial Advisor. Financial Advisors will understand how a mortgage will affect your financial health, in the context of your own circumstances and will help you determine terms that best fit your needs. At a minimum, they will help guide you towards factors that should be under consideration before taking out a Mortgage..
Q : Is it really that important to think about a 30 year mortgage versus a 15 year mortgage, even if I can afford a 15 year?
A: Yes. Even though you may be able to afford the monthly payments on a 15 year mortgage, circumstances often change over this time period. A member of the family may have a career change, you might have a new addition to the family, etc. There are many factors to consider. Interest rates are near historic lows, and therefore, it may be more opportunistic to take on a larger loan balance to give you a little more wiggle room for life events, or, to take some of that and invest it for the future.
Q : I have never taken out a Mortgage and don’t have any idea where to start. Can you help?
A: Yes, absolutely. We will help guide you through the entire process of taking out a mortgage. How much of a loan balance you should take out. Should you consider Fixed vs. Variable. What loan term length is appropriate. All of these criteria can have a material impact dollar wise, but also on your future financial health and cashflow as taking out a mortgage is a long term commitment.
Q : Should I consider a home as part of my investment mix?
A: While real estate is considered an investment, home ownership often comes with a lot of liability and running costs such as property tax, utilities, insurance, etc. Often, a primary home can be considered as an appreciable asset but perhaps not a pure investment. You also have to factor in that if you do sell your home, you need to find a new place to live. Also, your equity in your home builds slowly over time. A secondary home that you buy for the purposes of rental or appreciate, is more straightforward. This also depends on your financial situation and circumstance. If you are looking to invest in real estate, this is something that we can explore further together.