Best Mortgage Montreal:
helping you find a low-interest mortgage with great terms and lower your closing costs.
Phone 1 (514) 994-1030 or 1 (514) 819-9181
or e-mail us at email@example.com
to find out more.
Most of us have dreams of owning a big house, an expensive car or of living the luxury life and we sometimes take it for granted that our loved ones have the same kind of comforts in mind.
So it can come as an unpleasant shock when we learn that our partner’s aspirations for the future are in fact over-extravagant fantasies that our current financial situation can in no way support.
This is why before you head out to the mortgage broker to talk about taking out a loan to buy your dream home it is very important to sit down and talk together about the size of mortgage and type of property you are aspiring to buy.
Here are some ideas of how to make those painful conversations about money a little less…well…painful!
Money conversations in general
- Try to talk about money on a regular basis. To start with, make a point of reviewing all of your assets, debt, income, etc to get a clear idea of the current state of your joint affairs.
- Set aside one evening to review your spending over the past year and make a list of where your money went in terms of vacations, entertainment, housing, food, eating out, clothes and other shopping sprees, transport, paying off debt, etc. This can be a real eye-opener for both of you.
- Plan once a week to go through your finances together to confirm that bills have been paid, review the weekly state of your credit and debit cards, look over your savings, etc. This is a good way to ensure that you are always both on the same page about your financial situation and where you are heading.
- Be sure that both of you understand and participate fully in your financial life. If anything untoward should happen to either partner it is important that the other half is fully aware of your economic state of affairs. Go through documents and files together so that you both know where all your financial information is kept.
- Talk about your ideas for retirement and estate plans – even if it seems a long way off – and remember that the earlier you start saving the better so that you have more flexibility to change your retirement goals in the future.
- Don’t forget to set up an emergency fund that will help either of you to cope in any financial calamity.
- Set up financial milestones that you both aspire to so that you can mark your progress in meeting them and celebrate accordingly together. When you share financial goals it is way easier to keep spending on track.
Conversations about mortgages
- Always be honest. There is no point pretending that you aspire to a style of home or lifestyle that in fact is meaningless for you, or to take on a larger debt than you are comfortable with being able to pay off.
- If you find you are both at loggerheads (over the size of mortgage you can afford, for example) agree to take a break and revisit the issue when you have both had time to calm down and reflect on your partner’s point of view.
- If you tend to argue about money try to have your financial talks in a public place where you will feel more constrained and more willing to treat each other respectfully.
- Be willing to compromise. Remember that your mortgage is not an end in itself but a means for you to share a joint life together in a home you both own. If you focus on this and aspire to the sort of future you both can enjoy in comfort and without excess risk it will be easier to reach agreement on the type of property you can afford to buy.
Ultimately, putting limits on your future is never an easy conversation to have but once you have discussed your financial situation freely and openly together you will find your search for a mortgage to finance your dream home will be far easier to pursue.
If you would like more expert help in discussing your mortgage or other aspects of financing your future please consult with the professional brokers at Best Mortgage Montreal.
We can get you some of the best deals in Quebec with great terms and low-interest rates, and we can show you lots of way to help you save on closing and other costs.
Talk to a Best Mortgage Montreal broker today by phoning:
1 (514) 994-1030
1 (514) 819-9181
Or e-mail firstname.lastname@example.org