Home buying tips for Canadian soldiers

The housing market has expanded greatly over the last years and more and more people are interested in purchasing property and owning their homes, even military personnel, who has always been reluctant to that possibility, as the armed forces are oftentimes moved and relocated. However, over the recent years, lenders and brokers have paid more attention to military mortgages and more flexible options have become available as far as mortgage for Canadian soldiers is concerned. Even so, applying for a military loan and obtaining a preferential mortgage plan can be difficult and overwhelming, but individuals can find plenty of information and resources on the topic online. Below, one can also find a few home buying tips for families with members in the military or working within the Department of National Defence.

First of all, you need to do your research well. If you go to a bank or to a lending institution and simply present your case and situation, the fact that you are part of the military and that you would need more flexible condition, they could basically sell anything to you as military mortgage plans or loans. You wouldn’t know if you are actually benefiting of more flexible terms, lower fees for relocation and so on. Nevertheless, if you do your homework and know exactly what advantages you should expect from a proper mortgage for Canadian soldiers, you will know how to separate the wheat from the chaff, so to speak. Which brings us to the second tip and that is always work with a specialised broker. Even if you are utterly confident in your research and you think you can easily find the best mortgage loan to suit your needs, you should still resort to the services of a specialised broker to help you. They have the right contacts, they know the right people and all the lenders and the financial institutions that are not usually available to the end consumer. This kind of insight can be really helpful and can also save you a lot of money.

 

Last, but not least, make sure this is the right step for you. Even though the military mortgage market has expanded greatly, even though there are now terms and conditions that are so much better and so much more flexible than in the past, even though you get a lot of support from the government, this is a very serious investment and it will greatly impact your financial future, so you need to make sure you’re ready for such a step. Don’t let yourself fall prey to all of the advertising and promotion that has been going around the topic of military loans and mortgages, but do make use of all the trump card you can get in case you decide it’s time.