When we think of financial planning, most of us think about our RSP’s, pensions, education funds and basic investing. All this is correct but many professional financial planners forget what an integral part of managing money a mortgage relates to the overall plan.

At Robert Floris’ mortgage architects office in Hamilton, we ensure goals are discussed so that buying a home is a pleasant experience. As most mortgage expert like discussing mortgage rates, we also include this but we also elaborate on comfortable payments, having a goal in terms of paying the home off. We frankly get into deeper question such as career plans and family planning. As an example, what if a young couple wanted kids? This would greatly impact their cash flow. In other words, forget RRSPs and investments, it would be survival.

Our philosophy to our clientele is to ensure their purchase includes saving money. Why? Life continues when you are a homeowner. Your car will still break down, your home will still need repairs. The problem with Canadians is that we just do not save for the rainy day. Homeowners often react to uncertainty with the use of credit cards.

At Robert Floris’ office, this is how we teach when buying a home:

1. Pay yourself first. Nothing goes wrong when you have cash in the bank.

2. We focus on amortization, not rates. Can you afford biweekly payments? If yes, it takes off approximately 2 1/2 years on a 25 year amortization.

3. Every year we ask if the client can afford to increase their payment by $50-$100 per month, per year.

Again we focus on amortization. Having a plan to increase the payments decreases the amortization. As an example, if your payment is $1500 per month and you decrease the amortization by only five years, your savings would be $90,000!

Please ensure you understand all of your options. It is your money!

Robert Floris is a Mortgage Agent located on the East Hamilton Mountain, serving Hamilton and the GTA and Ontario. He not only offers the best mortgage rates, but also honest advice and a financial plan at no charge to the client.

Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.

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