Families abilities to survive financially is the greatest question I ask myself. I always wonder how they manage to survive when you look at their mortgage, day care and car payments. If you are a loyal reader, you know this subject has come up before. I was pleased and proud to see Rob Carrick of the Globe & Mail write a similar article. Essentially, he stated that families between the ages of 36 and 55 are financially the biggest contributors to the increase in Canada’s overall rise in debt. The author (Rob Carrick), as we have always professed, criticizes how the banking system approves a client for the mortgage. In today’s system, we financially pre approve clients at the time of purchase without considering the future anticipated needs of the client. These needs that are not considered by the lender when qualifying the client include daycare, maintenance of the home and car payments, among others. They just don’t factor in those expenses. In our opinion, this is a big flaw in the system. What the lenders do is that they show you that you can afford a home now. What they do not do is consider if you will be able to afford that home in the future based on most family needs. So what happens? In the real world they end up using debt to survive!

At Robert Floris’ Mortgage Architects office in Hamilton, Ontario, we are proud that we discuss these future situations to our clients to give them a view of the big picture from experience, rather than just put them into something they may not be able to afford.

Robert Floris is a licensed mortgage agent and financial planner at Mortgage Architects located in Hamilton, Ontario and serving Toronto and all of Ontario.

He can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com.

Apply online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.

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