Parade of Homes featuring the best of new homes in Manitoba, Canada
Issue link: http://publications.winnipegfreepress.com/i/1212297
A HAPPY HOME BUYER IS A FINANCIALLY FIT HOME BUYER, AND HAVING AN EXPERT COACH TO GET YOU ACROSS THE MORTGAGE FINISH LINE IS A WINNING STRATEGY. MONEY MATTERS FINANCIAL PLANNERS CAN HELP YOU ACHIEVE LONG-TERM FINANCIAL HEALTH >> A HAPPY HOME BUYER is a financially fit home buyer, and having an expert coach to get you across the mortgage finish line is a winning strategy. Bonnie Beckman, manager of consumer lending at Steinbach Credit Union, says a financial planner can work with you to set and achieve short- and long- term financial goals. That includes advance planning to help you pay down current debt while saving for a down payment on a home. "Buying a house and preparing a mortgage is one of the best opportunities we have to really help our members make great financial choices, and the most important question we ask is, 'What is your budget?' Then we find customized solutions for our members to achieve their goals." It's important to understand the expenses associated with buying a home. Future maintenance, monthly utility bills, insurance, taxes and upfront costs for furniture and appliances should be taken into account before you even look at a purchase price. "Even if a mortgage payment is the same as your rent, it's still not the same as far as house ownership goes because now your responsibilities are much greater," says Beckman. She recommends breaking down the monthly cost of home ownership, determining the difference between that and your current expenses and then trying to put that amount aside each month — both to get accustomed to a new budget and to save for a down payment. It's important to be realistic about how much of your income you want to commit to mortgage payments. "It's finding that balance between how much income should go toward this home and how much you want to go towards travel or entertainment or dining out — because it really is based on lifestyle," she says. Once you have a down payment ready, it's time to meet for pre-approval and to work out a mortgage strategy that is right for you. Mortgages AND MORE By Wendy King 124 Parade of Homes Spring 2020