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How a New Mortgage Helps You Keep Your New Year Resolutions

To launch the new year, our Okanagan Valley brokerage published an article for how people who made homeownership a part of their New Year resolutions can achieve their goal with the help of a broker. But did you know that in doing so, you can also achieve a number of other resolutions that you have probably made? Knowing this may provide the added incentive you need to quit procrastinating and buy your first home. Have a look below to discover how the benefits of a mortgage spill over into other areas of your life for the year and future ahead.

3 Common (and worthy) New Year Resolutions That a New Mortgage Can Help You Achieve and Sustain in 2024 and Beyond

Save Money and Invest

A recent survey found that 67% of the population has placed improved financial status at the top of their list of New Year resolutions. Homeownership is directly up that alley.

Logically, you gain personal wealth from the moment you buy a property. As you make mortgage payments your equity increases. Increases in equity can be leveraged to make other financial investments that you may not have been able to do due to limited access to funds in the past. If what you earn on these additional investments is greater than the rate of interest you pay on a home equity loan, it makes sense.

We know that sounds good to you, but we also know that you also want to save money. How can you save money and invest in real estate at the same time? By working with a broker. A broker can effectively help reduce your downpayment requirements by connecting you to Canada’s First Time Buyer’s Incentive. They can also inform you about other lucrative programs such as Canada’s First Home Savings Account. Additionally, a broker can save you money via lower mortgage rates given that they receive bulk discounts from Canada’s big banks and other lenders.

Spend More Time with Loved Ones

Statista reports that 40% of survey respondents indicate that spending more time with friends and family (loved ones) was a top New Year resolution for 2024. A new home absolutely helps make that happen. Your household will come together more often over shared dinners from the comfort of your very own dining room, hours of Disney+ streaming in your very own living room, and all sorts of backyard shenanigans through the spring and summer months. Moreover, you’ll finally be able to invite over and entertain guests and extended family (in-laws not required) without feeling like imposters in a house or condo owned by someone else.

Improve Mental and Physical Health

Improved mental and physical health also tops the list for Canadians this 2024. Homeownership helps with the former in that it instills a sense of pride, safety, and security. Habitat for Humanity reports that it also fosters a sense of community and belonging in addition to empowerment and self esteem. In regards to the latter (physical health) homeownership allows you to shake the shackles of a rented property, As a homeowner, you can use your home to support your specific needs in any way you choose. For instance, you can dedicate a specific room in your house to fitness without having to get permission to make certain adjustments and retrofits. Homeownership allows for modifications you might not be able to do as a renter or while living with parents and other family homes.

Enjoy the benefits of a new year mortgage by partnering with a mortgage broker. If buying a home in the Okanagan Valley or anywhere in BC, get pre-approved and call 250.493.9111 for a friendly conversation about what Rene Carloni will do for you.

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