Tips from a Toronto Mortgage Broker:  A mortgage application is nothing more than a snap shot of your life on the particular day you have decided to seek financing. It doesn’t take a look back to see where you’ve been nor does it take a look at the future and determine where you’re going. Seriously, it’s nothing more than organizing information in a format that analyzes criteria or a lender to give you their money. If the boxes line up you get a whole lot of debt. Congratulations! Have a nice life.

So who’s to blame when things go wrong? Lately lenders have been legislated into making the decision process a little tougher. But no amount of legislation can replace some good honest adult conversations about money. If you’re married you must have the money talk from time to time. If you’re single then financial honesty with yourself is even more important. No economics degree can prepare you for every event and most of us will be called upon to face some financial challenges.

So is there really anything we can do? I think there is. There are a lot of websites springing up with great information. There are even money coaches showing up who will do goodness knows what. I have my favourites and we’ve spent some time looking into things that work. We have adopted a simple yet effective “budget sheet” that we have been sharing with our clients. As you might have guessed it’s the same document given to people applying to be on the show “Till Debt do us Part” with host Gail VazOxlade. We like it because it shows you where your money is going and so if you have an emergency you can quickly determine where you can cut costs to help you through.

If you would like a copy of this budget sheet please contact us at www.mortgages4women.ca and I will send one to you.

Marcy

http://www.mortgages4women.ca/