Mortgage borrowing tips for homebuyers

Paula Tysoski
Friday, December 2, 2022
Mortgage borrowing tips for homebuyers


Mortgage borrowing tips for homebuyers

November 2, 2022

November is Financial Literacy Month in Canada. To help celebrate this occasion our colleagues at the Financial Consumer Agency of Canada (FCAC) have provided you with some helpful tips on how you can find your financial balance.

Most Canadians have some form of debt. Not all debt is bad — for example, taking out a mortgage to buy a home can be a good investment. Borrowing wisely will help you keep your budget in balance. Here are some things to keep in mind.??
Shop around for a mortgage
Think carefully about getting a HELOC

Ask yourself these questions

Consider the following before you borrow:?

  • Do you need the money now or could the expense wait until you’ve saved for it??
  • Do the monthly payments fit into your budget??
  • Will you still be able to afford the payments if interest rates change??
  • What happens if you miss a payment??
 

See the complete article on the CMHC website at https://www.cmhc-schl.gc.ca/en/blog/2022/mortgage-borrowing-tips-for-homebuyers

CMHC is a valuable resource for home buyers and sellers as well as professionals in the housing industry. 

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