Home Buyers Guide

Chapter 6: Choosing the Right Mortgage

Step 1: What are your plans over the coming years?

It sounds a bit nosy, doesn’t it - “What are your plans?”

But it’s a vital question when choosing a mortgage.

Because your plans over the coming years will affect the type of mortgage you should choose now.

Here are a few questions to ask your self:

• How long are you planning on living in your new home?

• When you decide to move again, will you sell the house or do you plan on holding on to it as an investment
property?

• Do you expect your career to advance and / or will your income increase over the coming years?

• Do you have any plans for a career break in the future?

• Do you or your spouse have any plans on returning to college?

• Would you like a 6 month round the world trip?

• Do you have plans for a family? If so, will one of you stay at home full time? Will you work part time? If you’ll both continue working full time, how much will crèche fees cost?

• When do you want to retire?

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