Mortgage broker advises as New Year’s resolution: “Live within your means”
“Live within your means,” advises mortgage professional Marcel Brossart as a new year’s resolution in 2014. Brossart was interviewed for an article on financial tips by CBC News.
Brossart used credit cards and their high interest rates as an example: "Try not to use credit card debt further than what you can pay off per month. Treat it as cash."
The same advice can be used for new home owners who must study their revenue stream, savings, and projected income for the foreseeable future before applying for a mortgage. Questions regarding home design, aesthetics and location are par for the course. Still, the home owner must ask himself if he can continue paying the mortgage for the required number of years, given his current assets.
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