Thread by @TorontoStar

Is buying a property feasible for younger Canadians?

To #MakeItMakeSense, the Star's @madiwongg speaks with money expert @jessi_moorhouse to explain how mortgages work and tips on how we can best prepare for them.
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A recent report by Re/Max Canada found since 1996, residential unit sales have doubled and the average price has increased by 453 per cent.

With figures like these, it’s difficult to know where to start when planning or preparing to apply for a mortgage.
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Simply put, mortgages are a specific type of loan that you get from a lender in order to purchase a property, whether it be your primary residence or a second property you want to rent out, Moorhouse explains.
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Moorhosue says there are a number of things to organize in order for the lender to see if they are qualified and how much they can lend you including:

✅Your net worth
✅Your debts
✅Your income and assets
✅Your credit scores/reports
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“Take a look at both your credit reports from TransUnion and Equifax as there’s two credit bureaus in Canada … make sure that all the information that’s currently on your report is accurate because a lot of the time there may be a mistake,” Moorhouse said
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A mortgage specialist or advisor should be able to get a good sense of your needs and requirements in order to advise you on what amortization is best for your situation, as well as if you should go for a fixed or variable rate mortgage, she explains.
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Two things Moorhouse has learned when approaching a mortgage is to manage your expectations and do it in your own time.

"You never want to base a decision off of panic or FOMO or pressure."

Read this week's #MakeItMakeSense in full ⬇️
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