In a plea for borrowers to exercise more caution when planning a mortgage, one brokerage is comparing the process to planning for a big European trip.
“You don’t wake up one Saturday morning and decide to catch a plane to Europe that afternoon,” said Joe Sirianni, executive director of Smartline Personal Mortgage Advisers.
He said the brokerage is urging borrowers to consider all the angles before settling on a loan.
“Well in advance of boarding the plane you decide which countries in Europe you will visit, what you’ll see when you’re there and what kind of a budget you have for your holiday.
“An experienced travel agent can then work within these parameters and help you plan a trip that ticks all these boxes.
“Equally, a quality mortgage adviser will then be able to identify a home loan that’s best for you, advise you on how much you can borrow and put the application together for you," he said.
He said thorough planning could help in the long-term with savings.
“In the same way that planning to go to Europe in six months can make you more focused on your saving, we often see the same trend with clients with their home purchase."
Makes sense to us. Now where's that boarding card...