Divorced and now starting on a new life !!

Anna - posted on 09/28/2016 ( 1 mom has responded )

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Hello everyone,
I got divorced recently. I have daughter, she is 5 years old, and she is with me. Currently I’m living with my parents, but, I want to move out from there, and start living on my own. I don’t want to trouble them with my problems any more. I have got a job as a teacher in a nearby school, where my daughter is studying. I’m happy that I got this job, now I can take care of me and my daughter. So, I want to move to a new home, but I do not have much funds at the moment for this. So, one of my colleagues suggested, that I could get a mortgage for this, and the idea is not bad after all. But, it is very necessary that I get the right mortgage scheme, because I don’t want too high monthly payments. I am planning for a Home purchase mortgage,http://www.canadamortgagedirect.com/mort..., . I do not have a great credit score, but I think I do qualify enough for a good scheme. I have never taken a mortgage , so I wanted to know what all should be kept in mind while applying for a mortgage. Please advice. This is going to be a new life for me and my daughter.

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Michelle - posted on 09/29/2016

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With any type of loan you need to make sure that you would be able to keep up the repayments if the interest rates go up. You need to be able to live comfortably after the repayments are taken out of your pay.
You also need to remember that owning a home comes with a lot of extra expenses. There are land rates/taxes, all your utilities and if and maintenance that needs to be done you have to pay for.
This is all on top of finding a mortgage that suits you.

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