Single and Considering a New Home? Here's What You'll Need to Know About Your Mortgage

Dear Reader,

Are you ready to steer away from renting? In case you are single and are staying alone, you may be confused whether homeownership is an apt choice for you. We have outlined some key factors that you have to understand when you take out a mortgage alone.

It's A Commitment – But Not For A Lifetime.

A few people steer away from the thought of purchasing a home, because it seems like a serious financial commitment. Especially if you are single and young, flexibility is very important. You may choose to shift to another city or find a new job. You may even decide to start a family.

Thankfully, both your homeownership as well as your mortgage are not permanent. In case you choose to purchase a house, condo or apartment, it is always possible to sell it later if you have to move or upgrade to a larger home.  

You'll Need To Be Disciplined

Because there is only one income stream that you have coming, there is a need to be disciplined. Needless to say, living paycheck to paycheck is not a good alternative, especially because you won’t be prepared for emergencies. A few financial experts recommend saving up a minimum of 6 to 12 months of expenses saved up, to help deal with the loss of a job or some unexpected health issue.  

Moreover, there are also mortgage insurance products that can assist you in covering a few of your costs in the case of an emergency. However, they work better as backup plans.

Starting Small Versus Going Big

Do you require substantial space? In case you do not, it is a good idea to invest in a small 'starter' home. You can purchase a home that aligns with your needs, which is nothing extravagant. One crucial benefit with a less-expensive home is that there is a smaller mortgage associated with it, which can be paid off quicker. 

Questions? Get Professional Advice

In case you have any inquiries regarding borrowing as well as maintaining a mortgage while you are single, remember that you are not alone. Get in touch with our professional mortgage team and they will help you find the mortgage product that suits your financial goals.

1 (877) 824 2747 or info@charissarealty.ca