Why Do First Time Home Buyers Think Mortgages Are Stressful?
Buying your very first home? Concerned about the mortgage plan? Don’t worry, you are not alone. A lot of people are wary about selecting a mortgage plan in the current scenario, thinking that the loan will prove to be more of a hassle than a blessing in the coming few years.
The rising number of short sales and foreclosures in the past few years has been a direct result of selecting the wrong mortgage. People sign up for the loan when the rates stoop low, but are unable to keep up with the payments as time passes by or the rates reset, and ultimately face the risk of losing their home and savings to the lenders.
Why is Selecting the Right Mortgage a Growing Concern?
Contrary to common belief, the mortgage rate is not the only merit factor to keep in mind when you are selecting a mortgage plan for yourself. From the payment term, type of mortgage and the overall amortization, there are several parameters that need to be considered in order to get a mortgage that works best for you, both in the present and the future.
According to research, around two-thirds of Canadians find the entire process of getting a mortgage stressful, and only a mere 7% consider the option straightforward and stress free. Negotiating an affordable rate with the lender, deciding the right payment schedule and term of mortgage and even getting help and assistance from the lender are some of the main factors that confuse first time buyers and push them towards making the wrong decisions. With a horde of different rates and plethora of lenders, selecting a Canada mortgage plan can be a tricky feat indeed!
How to Simplify the Entire Mortgage Selection Process?
The good news here is that there are a bunch of options that young buyers can look into in order to make the right decision at the right time as far as a Canada mortgage is concerned. Go through the following tips to help make the right choice and select a mortgage plan that does not prove to be a looming threat of foreclosure in the future! Take a look:
- Research is the key to a successful mortgage. The best way to avoid any mortgage problems in the future is to research effectively on your own prior to selecting a mortgage or contacting a lender. This way, you will be well acquainted with the current scenario and trends of the market and the various options that are available to you.
- Expert help and professional opinion matters a lot! When it’s your first time dealing with a mortgage loan, opt for the help of a specialist or broker to explore the hard facts for you.
- Ask questions. This is perhaps the most important point of all, as you can gain a clearer picture of the entire deal through detailed analysis. Learn about all the finer points of your mortgage and make sure you choose a reliable mortgage lender or broker to seal the deal!