This is an excerpt from an email that I received from one of my lenders this morning and asks some good questions to potential or current home owners:
2009 has been referred to as “Back to the Basics” in changes in lender guidelines, product offerings, and managing expenses. No one expects to get behind in their mortgage payments, however as 2009 can bring an unexpected change in circumstance to many Canadians, it’s important to get back to the basics with many of your homebuyers as well.
Have your homebuyers asked their employers if their job is secure before entering into the largest purchase of their life?
If they are attracted by ARM (adjustable rate mortgage) rates, can they afford the mortgage payment if their rate should jump by 1% over the next year?
Have they created a household budget?
Many may not even know how."A budget is a plan to help you live within your means".
Attached is an easy to use, household budget:
6 STEPS TO A WORKING BUDGET
SAMPLE HOUSEHOLD BUDGET
I hope you find the above links helpful!