Real Estate

Financial security is a lifelong project
And it happens one mortgage payment at a time.

By Monty Sands

Purchasing a home is one of the largest financial commitments you will ever make, and mortgaging that home can seem like a pile of debt that comes with more stress than you can handle. However most home owners will tell you that their mortgage doesn’t keep them up at night and that home ownership actually brings financial security.

But in uncertain financial times, is homeownership a good idea? Ironically today is the best time in recent years to purchase a home – especially if you are mortgaging it. Lending rates are currently lower than they were in our grandparent’s generation making us one of the luckiest generations of home buyers. Just 30 years ago, in the early 1980’s lending rates reached all time highs of close to 20% -making home ownership a financial and emotional struggle. Imagine purchasing your home on your credit card and you get an idea of what home owners of the 1980’s experienced. Lucky for us today rates are nearly 1/8th of that, making the leap to home ownership financially and emotionally painless. Not all mortgages are the same, and choosing the wrong mortgage can lead you down the wrong road to debt.

The first step to getting a mortgage that works for you is to become familiar with financial and real estate terminology. Sit down and speak with a mortgage professional and familiarize yourself with legal and real estate lingo, because like all industries they have a language of their own. "Whatever happens, they will find, as we have, that financial security is a life-long project best undertaken with the help of a suitable partner." stated James Daw, Financial Columnist for The Toronto Star. Also, take advantage of the Internet , it’s never been easier to find real estate and mortgage glossaries to get the knowledge you need to move into a comfort zone.

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