Common Financial Mistakes People Make Which Could Impact Their Mortgages
A mortgage is a life-changing decision as it impacts your financial future. Once you put pen to paper, you’re committed to repaying the liability, and you will have to think twice before booking holidays, splurging on shopping sprees, or maxing out the credit card to pay for a new car.
Apart from purchasing luxuries, there are also other money pitfalls to avoid that are best explained by a financial advisor who specializes in mortgages. A financial expert can not only help you qualify for a mortgage, but also make sure you keep up with payments by providing sound advice. Unfortunately, many people believe that once the mortgage is secured, there is no reason to continue to consult a professional, which leads to unnecessary errors.
To help you avoid some basic errors that could prove to be costly, Wadhen Mortgage & Financial Services has put together a list of the most common financial mistakes people make, which could impact their mortgages.
1. Switching jobs at the wrong time
It is vital to consult your mortgage advisor before you think about switching jobs. Your mortgage advisor doesn’t have an issue with you changing jobs, but the timing has to be right. Otherwise, it could impact your mortgage or renewal.
2. Not filing taxes correctly
There are many instances where self-employed individuals have not filed their taxes properly, which could cause them to be ineligible for mortgage approval. It’s best to always consult with an accountant or a financial planner that can help file taxes effectively.
3. Not having creditor insurance and life insurance cover.
We come across clients all the time that have insufficient life and mortgage insurance cover. It’s a big mistake to take these issues lightly as an unforeseen event could cause substantial financial ramifications. It’s best to consult a professional financial advisor that can guide you through planning for a healthy future for you and your loved ones.
To avoid these and other mistakes, reach out to the experts at Wadhen Mortgage & Financial Services. Our mortgage services include home purchase mortgage, refinance mortgage, creditor insurance, investment property mortgage, mortgage pre-approval, private mortgage, second mortgages, mortgages from banks, and A Lenders and B Lenders.
Our financial services include travel insurance, parents and grandparents super visa insurance, life insurance, health and medical insurance, critical illness, and disability insurance. We offer mortgage and financial services to clients across Nepean, Kanata, Orleans, Ottawa, Chesterville, Smiths Falls, Athens, Brockville, Brampton, Mississauga, and Toronto, Ontario.