Fall in love with your mortgage

February 14, 2015 | By | Add a Comment

Fall in love with your mortgage - Ingrid Bjel McGaughey - Toronto mortgage brokerResent your mortgage?

Or worse, are you a little afraid of it?  You’re not alone.  Most of us see the mortgage as this giant debt that is our single biggest monthly expense, and there’s not much that seems good about it.

How can you appreciate your mortgage?

Simple.  Get to understand it better.

If you have an existing mortgage…

Get a mortgage review, once a year.  Spend some time with your mortgage professional, reviewing all your mortgage details, including pre-payment privileges, payment frequency, and opportunities to reduce your interest costs.

Start planning for your next renewal and be active rather than sleepwalking through the renewal like most people.  You could  end up paying off your mortgage years early.  (Just because you love it, doesn’t mean you can’t set it free eventually!)

As well, consider whether you’re in the best product for your situation.  For some people, a straight, fixed mortgage is perfect.  For others, a variable rate mortgage is a better choice.  If you foresee big future expenses like renovations or retirement, or investing in rental properties,  you might also want to consider adding on or blending in a Home Equity Line of Credit or HELOC.

If you’re a first-time homebuyer getting your first mortgage…

Meet with an experienced mortgage professional.  Searching online is a great way to educate yourself on the basics, but you won’t know which info to pay attention to and which you can ignore, until you talk with an expert who’s up on the latest mortgage rule changes.  I’m obviously biased toward mortgage brokers, and lots of data backs up the fact that people who work with a mortgage broker usually save money on their mortgage.

But regardless of the person’s title, what you want is someone who’ll review every detail of your current financial situation and, very importantly, your credit report and score.  From there, you can talk about your short and long term financial goals and preferences, and how your mortgage fits in.

It’s as easy as 1-2-3.

My article on 3 steps to buying a home can get you started.

What do you deserve?

I’m often amazed at the variability of service levels people experience when getting a mortgage.  First-time homebuyers in particular have passed on some horror stories.  Here’s what I think everyone getting a mortgage deserves.

Interested in learning more about how to fall in love with your mortgage?

Check out my blog for my thoughts and tips on mortgages.  After all, your mortgage is what’s helping you to get into the home of your dreams, after all…  Or helping to finance your retirement.  Make sure to get the most out of it!

 

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About the Author (Author Profile)

I'm a Toronto Mortgage Broker. My focus is on saving people time and money in financing and re-financing their homes. Am passionate about helping people make informed choices, giving back, and helping to improve financial literacy in Canada.

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