Well it’s back to school time and many of us will watch our kids head off for another year of education. However, typically our kids will graduate from grade 12 with little to no understanding of how to get and maintain good credit, costs of borrowing money and basic investing.
A few years ago, our very own Kevin Cochran & Jay Seabrook of Dominion Lending Centres head office recognized this problem and set out to put together and educational program to help parents educate their kids about, credit, debt and investing. The EnRICHed Academy was born.
This DVD and workbook program helps you teach your children to avoid the pitfalls and mistakes that I see so many young first time home buyers make when they come to me to be pre-approved for a mortgage. The cost for this program is less than 3 months of interest on a typical credit card with only $4000.00 owing.
A recent RBC poll showed that 40% of Canadians entering the housing market in the next 2 years will be first time home buyers. Getting a mortgage is much more than having a job and your down payment. I highly recommend that first time home buyers meet with a mortgage broker as much as a year away from being ready to buy. Having a good close look at your credit report now will save disappointment later when they find an old small credit blemish prevents them from being approved for a mortgage. These can be caught and easily fixed now so that the credit report down the road makes any mortgage lender want them as a client.
If you have or know of any students that are going to be ready to buy a home in the next year or so, please have them make an appointment to see me to do a review. I can even give them an idea of how much they may be approved for and what the approximate mortgage payment will be.
All the best for a pleasant autumn.