Once of the best things in life is the ability to create and add life to your family, which will become your future.
It can feel financially daunting and overwhelming (like moms needs anything else to add to post partum) with the reduction of income and all the new financial pressure of your family’s growing expenses with the addition of your new blessing.
Preparing yourself for the future using the right mortgage strategy can help.
Common Misconception About Maternity Leave and Your Mortgage:
Lenders won’t recognize your income. This is where your AMP can help. Different lenders have different policies and use different percentages of your pre-maternity income. This will depend on your credit score (which your AMP protects by using one application to shop multiple lenders) and equity in your home. Mortgage brokers truly can save you time and money. With a few simple documents in hand, brokers do all the work and our service is free!
So if you have grown out of your home, are looking to purchase your first home, have accumulated debt (like most growing families), or simply wish to review your mortgage to ensure you have the best product and rate catered to your unique needs, we’ll guide you through the process.
How to Relieve the Burden:
If you are pregnant when you buy your home or upon review of your mortgage, we can help. With your pre-maternity income, we’ll put a strategy together to help you pay your mortgage off faster yet have your payment reduced when your income is reduced so you get the best of both worlds.
It’s easy to feel overwhelmed while you and your baby are learning about your new life together! Remember, you do have options and the mortgage finance part can be easy. It’s usually just about taking the first step of sending that email or making that call!
Angela Calla, AMP
Dominion Lending Centres-Angela Calla
Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980 Phone :
604-802-3983 Fax: 604-939-8795
Email: acalla@dominionlending.ca