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Tips to home ownership

January 21st, 2009 No comments

This morning I met with Carole, a single mother, this wonderful lady has been fending for herself from the age of 14.  She can be so proud of herself.  She came to me, to help her and her 15 year old daughter obtain their dream of home ownership.  They are not ready now and won’t be ready for at least 6 months, today they have walked away with a concrete plan so that their dream will become a reality.

 

If you are thinking of buying a home in the next 6 to 12 months or even longer, now is the time to contact your trusted mortgage agent/broker.   Two tips I gave Carole this morning, firstly for her to look at reducing the interest she is paying on her auto loan and credit card.  We worked out the reduction in her credit card interest alone would equate to $112 a month – this can be used to pay off her visa card.  Secondly to draw up a budget, in order for the budget to be effective, I have suggested that she track her spending for the next month.  Once she sees where her money is going she can create a budget that is realistic and at the same time she can eliminate unnecessary spending.

 

Another point I want to make is regarding credit card payments.  Please pay your credit card before the due date.  I have seen where clients’ credit scores have been drastically affected, not for a missed payment but a late payment.  One client actually paid on the due date however he paid online, which takes 2 to 3 days to get credited to your account.  On his credit bureau it showed up as a R2 (which previously used to mean 60 days in arrears).  Due to the falling property prices, banks are also moving quicker to foreclosure when a mortgage payment is missed.  If you find you are unable to meet your mortgage payments, please contact me so that we can discuss different strategies.   Charmaine Idzerda Tel: 905.336.5997 or 1.866.824.8057

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