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How much of your income is rolled up into your mortgage?

How much of your income is rolled up into your mortgage?

Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process.

Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So my last few blogs have been in a series format, detailing the professionals you’ll work with through the process.  The next series describes how the home financing process works, again in smaller chunks to make it a clear, easy-to-understand process.

Centum Future Mortgage Group arranges residential, commercial and construction mortgages. As a solution driven organization, Future Group believes that a mortgage solution exists for everyone, regardless of income or credit concerns.  We believe that every consumer deserves the best rates, care and service when purchasing or refinancing a home or business.

The second in this seven-part series looks at choosing the mortgage that is best for you.

Enjoy and, as always, I would be happy to answer any additional questions you may have regarding the purchase of a home or on how best to finance the purchase.  Please contact me at 519-649-2502 Ext 3,


Today’s buyers have almost an unlimited number of financing options to choose from. If you are wondering which loan program is right for you, you’re not alone. The right loan for you depends on your individual financial situation, family situation, your tolerance for risk, investment strategies and on how long you plan to own the home. Questions to consider:

•           Do I expect my current income to significantly change over the next five years?

•           How much do I have for a down payment?

•           Do I have family that can assist me if required?

•         Can I tolerate possible increases in interest rates to achieve an overall lower rate over time, or would I sleep better with a fixed monthly payment?

•           Do I want to pay off my mortgage as quickly as possible, or would I prefer to take any extra money and direct it to other investments?

•           Do I plan to move in the next five years?

Armed with this information, your mortgage broker will be able to direct you into the best mortgage product for your unique situation.