July 15, 2016
Saskatoon Mortgage Broker: Tammy Wandzura: What is PAYMENT SHOCK?
Have you ever heard the words PAYMENT SHOCK?
PAYMENT SHOCK is a definition used to explain a situation where a consumer is used to a specific payment and it changes to a significantly higher (possibly) in-affordable payment.
When applying for a mortgage a lender will consider your current rent or mortgage payment vs the new payment vs your income, line of work and affordability.
As an example: If you currently pay $500/month rent and your new mortgage payment is going to be $3000/month + property taxes and utilities the lender may look at the application much closer.
Typically if your income vs debt fits minimum approval guidelines the lender will approve the request, if they feel the work, industry, length of time at job etc. all make sense for long term affordability.
MORTGAGE RATES ARE AT HISTORICAL ALL TIME LOWS
Meaning TODAY mortgage payments are LOW LOW LOW
Many consumers have not considered long term MORTGAGE PAYMENT SHOCK
- you have qualified for a new home purchase/mortgage within the maximum guidelines of your income vs debt and rates go up- even slightly?
- what if there is a significant change to the market or economy that changes your ability to earn the same income as previous?
- what if there are major unexpected improvements that need to be made to home in the future?
- what is there is a major correction in the housing sector and values are not as high as they once were or were when you purchased?
Buying a home is the ultimate dream.
Paying your own mortgage payment allows you to build your own equity
We ALL ultimately “pay rent”
The question is whether we are paying it to a landlord or to ourselves??
How can you be PRO-ACTIVE in ensuring current affordability, future affordability & make a plan that will make you MORTGAGE FREE sooner??
I can help you with a strategic plan
You will GET the lowest mortgage rate on the market
You will still have a really affordable mortgage payment
You will pay your mortgage off faster than your neighbor
You will be prepared for higher mortgage rates in the future
We will provide you the BEST Service available on the market.
My goal as your Saskatoon Mortgage Broker is FINANCIAL FREEDOM
- Being MORTGAGE FREE sooner
- Having a strong financial strategy going forward
- Protecting & teaching you how to build and maintain strong credit
Call me today @ 306.933.3386
Email me @ email@example.com
APPLY ONLINE by clicking the link below
Referrals are the biggest compliment. Best mortgage rates. Best Service.