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Working with military families is a joyful part of my job as a Mortgage Broker. I like hearing the stories of various postings and feel the excitement of a new adventure. As a military spouse myself, I understand the unique needs military families have during buying and selling homes and in this blog share my Top 8 Mortgage Considerations for Military Families

Now you may wonder, what type of unique needs do military families have when purchasing a home?

Here are just a few...

  • Deployments before, during or after a move.
  • Moving to an entirely new location, possibly every few years.
  • The spouse having to use a Power of Attorney for part or all of the home purchase.
  • Buying and selling between provinces.
  • Restricted time to find the perfect home.
  • Limited childcare options at home or at the new location to view homes and focus on mortgage policies.
  • The significance of future implications of your mortgage as they relate to the military family lifestyle - think future postings!
  • As with all clients, but particularly with military families who may not be from the area, a high need for customer service, flexible availability of service providers and the importance of working with trustworthy professionals.

Personal Experience Equals Professional Understanding...

In my own military family life, I have shopped for and sold property while my other half has been deployed, have had to use a Power of Attorney during a real estate transaction, and sold property in one province while we were living in another. That personal experience has put me directly in the shoes of my clients.

Top 8 Mortgage Considerations for Military Families 

  1. Seek a mortgage professional that will be available to you.
    Ask about flexible appointment times and options (such as Skype) and availability throughout the process and beyond. Purchasing a home is potentially the largest transaction of your life. The professionals that help you facilitate that transaction can have a significant impact on your experience. Who will provide you with elite customer service?
  2. Work with a professional who specializes in mortgages.
    They can assess current and future mortgage policies that might relate to the military family lifestyle - think posting!
  3. Consider working with a Mortgage Broker. 
    Mortgage Brokers  are not tied to one financial institution and can offer impartial advice and various options.  
  4. Locate a mortgage professional who can work across Canada.
    As you move from base to base you'll be able to work with the same professional and build a relationship.
  5. Be sure to consider important mortgage factors. 
    Pre-payment privileges, penalties, portability, closing deadlines, geographical areas offered by the lender and the overall lowest lifetime costs are important mortgage factors when thinking of possible future implications. 
  6. Ask for the details. 
    Some promos could be "bare bones" or "no frills" style mortgages that offer low rates to initially attract clients. These low rate promos may not be available to everyone depending on their credit, amount of down payment or other factors. Be sure to discuss all of the details, promos can sometimes have very limited policies that may not align with the possibility of future postings. 
  7. Rates and Payment Options
    Consider the difference between variable and fixed rates. Would you like to apply some of your package money to buy down the rate? What's the difference between compound interest and simple interest? Sometimes the lowest rate does not always equal the lowest interest paid. Also discuss payment options that will help pay down your mortgage faster. Click here for my blog post on biweekly vs. accelerated biweekly payments.
  8. Read reviews. Ask for Referrals.
    You may not be from the area, so read reviews, don't be shy to ask for referrals and follow your gut!

Have questions? I can't wait to hear from you.
Toll-free Direct Line 1-844-315-6609
Email: sarahnm@mortgagegroup.com
Facebook: https://www.facebook.com/snixonmiller/

If you're a military family please connect with my Facebook Groups at: 
Posted? Join other military families to discuss everything posting related:
Military Spouse? Network with other military spouse entrepreneurs: https://www.facebook.com/groups/militaryspousesbusinessnetworking/