Mortgages can be complicated. That’s why it’s extremely important to seek expert advice you know you can count on. Buying a home is a significant life stage and it’s easy to get caught up in the excitement – you visualize your family growing up in the house, socializing with neighbours, entertaining in the backyard and ultimately making it your own.

But there are also some very important factors that you need to consider before diving in. Homebuying represents the most complex transaction and financial obligation you’ll likely face in your lifetime. There’s an abundance of terminology to understand, government mortgage rules to navigate, and complex decisions to make regarding down payment, terms and rates, to name but a few.

If you’re not familiar with mortgage terminology, you’re not alone. A recent study conducted by the Financial Consumer Agency of Canada and the Bank of Canada unearthed some startling statistics. By and large, the average Canadian is not aware of mortgage basics. Words such as ‘term’ and ‘amortization’ were not widely understood by those surveyed, yet they’re critical aspects of any mortgage.

And current mortgage holders had only a slightly better understanding of basic terms, which is even more disconcerting. Also troubling is the rising amount of consumer debt and lower levels of savings, which pose a serious hindrance when trying to obtain a mortgage.

Your mortgage agent’s job is to educate
While all of this may sound daunting and discouraging, it doesn’t need to be. Financial literacy and financial management skills will ultimately lead to safe and responsible borrowing. And the best part? You don’t have to do it alone. Understanding every step of the homebuying process and making each stage as smooth as possible is as easy as working with a mortgage agent.

Experts in our field, we have a pulse on industry trends and market fluctuations. We’re uniquely qualified to help answer all of your mortgage-related questions before you get too far ahead of yourself. We can also help you understand how rising interest rates could impact you down the road, and explain how stricter mortgage rules are affecting the homebuying process and sometimes hindering the ability to obtain a mortgage.

A mortgage agent works with a variety of different types of lenders to ensure you receive not only the best rate, but also the most suitable mortgage based on your needs and circumstances. Acting as counsellor, educator and advisor, we provide one-stop-shopping for all your mortgage needs.

And, more great news, there’s typically no cost to you for using our services as we’re generally paid by the lender once your mortgage successfully funds.

Buying a home is a sound financial investment, but not without inherent risks. Don’t leave your most important purchase to chance. There’s no substitute for being prepared, and having a professional in the field guiding you through the journey will help ensure that you not only obtain the home of your dreams, but that you also do it responsibly.

Have questions about the value of using a mortgage agent, or your mortgage needs in general? Answers are just a call or email away!