YOUR BIGGEST DECISION

In your day you make many decisions, we choose the clothes we wear, we choose our favourite coffee. These decisions we make without too much thought. They are after all fairly un-important (although some will disagree). We make some more important decisions relating to our daily occupations. In the larger picture we make decisions about where to live, who to marry, perhaps what house to buy.

How many of these decisions do you seek advice on, professional or otherwise? Most people seek the help of a doctor for medical decisions, a lawyer for legal questions and a realtor for the house purchase. But what about the financing of that house? If a house is often regarded as the largest purchase of most peoples lives it makes sense to seek help when it comes to funding that purchase. After all the realities of the mortgage you choose will long outlive the excitement of that great kitchen. Common mortgages come in some broad types, traditional, line of credit, re-advanceable or hybrids. Then there are options like variable or fixed, open or closed, three year, five year or even ten year terms. What about other factors like amortization, payout penalties, pre-payment privileges? Last of all, of course, is rate. Unfortunately too many people only focus on rate and find out too late about some of these other terms and what they really mean to them. I am not saying rate is not important. What I am saying is before you make this decision, it pays to seek advice, talk to a mortgage broker. This decision deserves a bit of thought.

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