Responsibilities that come with a mortgage

Buying a home is a big step and assuming a mortgage for that home is a big responsibility. Make sure you are ready for a financial commitment that could last several decades.
Ask yourself:
• Are you currently in a financial position to comfortably make the monthly mortgage payment?
• Do you have a financial cushion in case you have sudden financial difficulties (for example losing your job)?
• Are you prepared to take on a long-term financial debt?
• Do you know the risks if you cannot pay your mortgage in the future?

Owning a home has many benefits but it also has responsibilities. Be sure you are in a position to handle those responsibilities. If you don't think you are in the position to take on such a large financial debt, this may not be the time to buy a home. Instead, focus on getting your affairs in order and building a financial cushion so you can buy a home in the future. Taking the time before buying a home to make sure you are set up for success can alleviate much stress and many problems later.