It is important to understand what it is like to be a responsible borrower in order to properly understand your mortgage.
According to the Mortgage Broker Regulators’ Council of Canada (MBRCC), several questions are important to consider, when applying for loan and here are the top 6:
Finally, always consider not just how much money you have today, but your financial position for the length of the mortgage (mostly for the next 20-25 years). Ask yourself if you will be able to continue to make the full payments on time, for example, consider how the payments will affect your spending money and your ability to deal with sudden or unexpected financial needs. Did you plan for an emergency fund to cover those unexpected expenses? Will you have difficulties making sure you have enough left for other things you need?
Source: Mortgage Broker Regulators’ Council of Canada., https://www.mbrcc.ca/BeingaResponsibleBorrower
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