Plan Your Mortgage

Most people will take the time to develop a plan with their financial planner to ensure financial success for their family in the coming years. Likewise, most people spend a couple of hours with their realtors describing the features of their dream home before they actually start their house hunt. However I find most people do not see beyond the interest rate when it comes to their mortgage and do not ask their broker some very basic questions regarding the terms of their mortgage.

I usually need to initiate the conversation with my clients about the plans they have for the future. Are you planning on growing your family? Will you have any large expenditures coming up in the next few years? Do you expect to receive any large sums of money in the near future? Do you have plans to renovate your property? These are a few of the questions that need to be addressed before you sign up for your next mortgage.

Too often I have clients who are 2 years in to a 5 year mortgage and need to access more money or make a significant change to their mortgage. Sometimes it’s possible and sometimes it isn’t. In all cases a little foresight when you signed the mortgage papers would have saved alot of effort and money.

Obviously, as a professional mortgage consultant the responsibility stops with me to ensure the client is looking at more than just rate and is thinking about how their new mortgage is going to fit with their future plans.

Take a moment to watch the above video for some more questions you need to ask yourself when getting your next mortgage.

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