Educating young home owners is something that I focus a large portion of my attention to.
The Globe and Mail have a series called "Building Blocks: A Financial Foundation for Young Families"
A recent edition features Doug Melville Canada's banking Ombudsman speaking about things to take into account when signing your first mortgage contract.
What I like all my young clients to take out of things like this is, first of all; realize that being pre approved for $350,000 does not mean that is what you can afford when you take into account living expenses. Don't make the mistake of being house poor because your Bank said they would lend you as much money as you wanted for your home.
Secondly, make sure you absolutely know your product. With so many mortgage options available in the marketplace its important you obtain one that is tailored to your specific circumstances.
Check out the video here.
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