I’ve now been married for 9 months. Considering how long I intend to be married, I suppose this isn’t a long time. Nonetheless, since we are still renting, I have had the future prospects of mortgages on my mind since tying the knot. (A man’s gotta provide a roof for his family!) So the opportunity to read and review Mind Your Own Mortgage by Robert J. Bernabe was an easy one to accept.
While this is another book taking advantage of the cultural subject matter at hand–reflecting upon the housing boom and resulting crash of the past ten years, the book was both incredibly informative and invaluable for a newbie like myself who is new to the housing market, and I don’t doubt it’s usefulness for those looking for some practical advice for something they may have many years of experience from.
Bernabe spends most of the book peddling his MYOM formula, which is a good formula by the way. But most of all I appreciate the time he spent in encouraging the reader to be a responsible spender, repeatedly reminding the reader that when you have a mortgage, any other unessential purchase you make is costing you much more in the end due to the option of using excess cash to pay down your mortgage, and thus paying less interest through amortization. I look at this as the best possible viewpoint I can have as a future new homeowner.
Bernabe also stresses the importance of shopping based on cost, instead of interest rate and payment. I’m actually excited to apply the knowledge he provides and the system he’s developed aided by the extras made available on MindYourOwnMortgage.com. But having completed the read and wanting to apply what I’ve learned, I’m in an unfortunate position now to see how these American rules might be similar to the Canadian rules of mortgages I find myself in. Most of the ideas will be very similar, but of course, it was the Canadian market that did not crash as hard. So I am anticipating differences in the process.
Now I am left to search for a Canadian equal to Bernabe’s excellent homeowner’s guide. Any suggestions?