On a scale of one to Demogorgon, how uneasy does your mortgage make you feel? If it’s close to the flower-faced monster, you’re not alone. For many people, a mortgage is more than just a number — it’s the most money they will ever borrow, and it’s for a basic human need: shelter.
No surprise we can feel anxious, uncertain or even fearful when it comes to managing a home loan. But it’s important to keep those feelings in perspective.
kAm!C@3=6>D 4@>6 H96? 9@>6@H?6CD 5@?’E E9:?< 23@FE E96 6>@E:@?2= C62D@?D E96J’C6 >2<:?8 2 564:D:@?[ 2D H6== 2D E96 24EF2= >2E9[ D2JD r9C:DE:?6 w2C8C@G6[ 46CE:7:65 7:?2?4:2= E96C2A:DE 2?5 2DD:DE2?E 5:C64E@C @7 E96 {@G6 2?5 |@?6J r6?E6C 2E E96 &?:G6CD:EJ @7 v6@C8:2] “%92EVD H96? A6@A=6 C62==J 86E DEF4< … ?@E 36:?8 7F==J 9@?6DE[ 6G6? H:E9 E96>D6=G6D[ 23@FE H9J E96JVC6 >2<:?8 E96 49@:46D E96JVC6 >2<:?8 H:E9 E96 >@CE8286]”k^Am
kAmv6EE:?8 E@ E96 C@@E @7 H9J J@F E9:?< 2 46CE2:? H2J 23@FE J@FC >@CE8286 42? F?=@4< 2 >@C6 @3;64E:G6 >:?5D6E — @?6 E92E 7C2>6D J@FC 9@>6 =@2? 2D 2 H@C<23=6 7:?2?4:2= E@@= E92E D6CG6D J@F[ ?@E E96 @E96C H2J 2C@F?5]k^Am
k9am|:?5D6E `i “~?46 3:EE6?[ EH:46 D9J”k^9am
kAmsFC:?8 E96 vC62E #646DD:@? Wa__f\a__hX[ 9@>6 AC:46D A=F>>6E65 2?5 E96 F?6>A=@J>6?E C2E6 5@F3=65[ =62G:?8 >2?J 9@>6@H?6CD FAD:56 5@H? @? E96:C >@CE8286D 2?5 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^=62C?^>@CE8286\2DD:DE2?46nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?Ela_adg`gU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmF?23=6 E@ >2<6 A2J>6?EDk^2m] }@[ E9:D :D?’E 2?@E96C $EC2?86C %9:?8D C676C6?46 — E96 E6C> “FAD:56 5@H?” >62?D J@FC 9@>6VD G2=F6 :D =6DD E92? E96 E@E2= 2>@F?E @H65]k^Am
kAmx? E96 J62CD E92E 7@==@H65 E96 9@FD:?8 4C:D:D[ >:==:@?D @7 p>6C:42?D 925 ?@ 49@:46 3FE E@ 7@C64=@D6] p?5 H96? E96 >2C<6E 72:=D[ J@F =@D6 >@C6 E92? ;FDE J@FC 9@>6]k^Am
kAm“*@F =@D6 J@FC ECFDE :? E96 DJDE6>j J@F =@D6 ECFDE :? J@FC @H? ;F58>6?Ej J@F =@D6 E92E 23:=:EJ E@ C6=2I[” w2C8C@G6 D2JD] “$F556?=J[ H92E J@F E9@F89E H2D 2 7@C> @7 D276EJ 92D 24EF2==J 364@>6 2 >2;@C C:D< 7@C J@F 2?5 2 D@FC46 @7 A2:?]”k^Am
kAm(9:=6 E96D6 =:G65 6IA6C:6?46D 2C6 2 G2=F23=6 C6D@FC46 — 2?5 D9@F=5?’E 36 5:D>:DD65 — E96 762C >2J ?@E 36 J@FC >@DE C6=:23=6 564:D:@?\>2<6C]k^Am
kAmx7 J@F D66 J@FC >@CE8286 2D @?6 3:8 7:?2?4:2= =:23:=:EJ E92E ?665D A2J:?8 @77 2D 72DE 2D J@FC A2J4964< 2==@HD[ J@F >2J 36 4=@D:?8 J@FCD6=7 @77 E@ >@C6 7CF:E7F= A2E9D]k^Am
kAmx?DE625 @7 A@FC:?8 2G2:=23=6 42D9 :?E@ k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^=62C?^A2J\@77\>@CE8286nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?Ela_adg`gU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmA2J:?8 @77 J@FC >@CE8286 62C=Jk^2m[ 7@C 6I2>A=6[ J@F 4@F=5 :?G6DE :E :? 2 D2G:?8D 244@F?E H:E9 2 9:89 :?E6C6DE C2E6] %9:D >2J 255 2 4FD9:@? E@ 2? 6>6C86?4J 7F?5 @C 96=A J@F C6249 @E96C 8@2=D]k^Am
kAmp=E6C?2E:G6=J[ C65F4:?8 J@FC >@?E9=J A2J>6?E H:E9 2 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^=62C?^H96?\E@\C67:?2?46\>@CE8286nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?Ela_adg`gU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm>@CE8286 C67:?2?46k^2m 42? 96=A J@F H62E96C 7:?2?4:2= DE@C>D :? E96 7FEFC6] x7 J@F 7:?5 J@FCD6=7 36EH66? ;@3D 7@C 6I2>A=6[ 2 =@H6C A2J>6?E 42? 8:G6 J@FC 3F586E D@>6 3C62E9:?8 C@@> H96? J@F ?665 :E >@DE]k^Am
kAm%96 3@EE@> =:?6n %96C6 2C6 @E96C H2JD E@ 4C62E6 7:?2?4:2= D64FC:EJ 36D:56D 4=62C:?8 J@FC >@CE8286]k^Am
k9am|:?5D6E ai “q642FD6 x D2:5 D@”k^9am
kAm“u:?2?4:2= EC2F>2 42? D@CE @7 C:AA=6 5@H? E9C@F89 E96 86?6C2E:@?D[” w2C8C@G6 D2JD]k^Am
kAm!6C92AD J@FC A2C6?ED E9:?< @H?:?8 2 9@>6 7C66 2?5 4=62C :D E96 F=E:>2E6 D:8? @7 DF446DD[ 2?5 2 >@CE8286 32=2?46 :D 2 D:8? @7 72:=FC6] %9:D >:?5D6E >2J ?@ =@?86C 36 2AA=:423=6 E@ E96 4FCC6?E 64@?@>J @C J@FC A6CD@?2= 9@>6@H?6CD9:A ;@FC?6J]k^Am
kAm%96 9@FD:?8 >2C<6E H2D G6CJ 5:776C6?E c_\A=FD J62CD 28@] x? E96 62C=J `hg_D[ E96 4@F?ECJ 925 @77:4:2==J 6?E6C65 :?E@ 2 C646DD:@?[ 2?5 >@CE8286 C2E6D C624965 2D 9:89 2D `fT] $:?46 `hge[ E96 >65:2? 9@FD6 AC:46 92D :?4C62D65 3J @G6C bd_T WSge[g__ E@ Sc_b[a__X[ 3FE E96 >:?:>F> 9@FC=J H286 92D C:D6? 3J @?=J 23@FE ``dT WSb]bd E@ Sf]adX] }665=6DD E@ D2J[ 3FJ:?8 2 9@FD6 324< E96? C6BF:C65 5:776C6?E >2E9]k^Am
kAmw@>63FJ:?8 E:>6=:?6D 2=D@ =@@<65 2 =:EE=6 5:776C6?E 324< E96?] x? `hgd[ E96 >65:2? 286 @7 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^=62C?^E:AD\7@C\7:CDE\E:>6\9@>6\3FJ6CDnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?Ela_adg`gU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm7:CDE\E:>6 9@>6 3FJ6CDk^2m H2D ah[ 244@C5:?8 E@ 52E2 7C@> E96 }2E:@?2= pDD@4:2E:@? @7 #62=E@CD] %@52J[ :E’D c_] (:E9 E96 2G6C286 p>6C:42? =:G:?8 E@ fh[ :E 4@F=5 766= =:<6 J@F’C6 C24:?8 J@FC b_\J62C >@CE8286 E@ E96 8C2G6]k^Am
kAm(9:=6 E9:D D@F?5D 2 =:EE=6 >2423C6[ :E’D 2 C6>:?56C E92E >@CE8286D 2C6 ?@E 2 @?6\D:K6\7:ED\2== AC@5F4E] *@FC 9@>6@H?6CD9:A 8@2=D 2C6 ?@E 8@:?8 E@ =@@< =:<6 J@FC A2C6?ED’[ 2?5 ?6:E96C D9@F=5 J@FC >:?5D6E]k^Am
kAmx7 J@F 3@F89E 2 9@>6 =2E6C :? =:76[ :E >2J 36?67:E J@F E@ E9:?< @7 :E =6DD 2D 2 >62?D E@ 2? 6?5 2?5 >@C6 @7 2? 6?5 :? :ED6=7]k^Am
kAmQ%96 :562 @7 E96 V7@C6G6C >@CE8286V :D 82:?:?8 EC24E:@? H:E9 9@>6@H?6CD H9@ D66 E96:C =@2?D 2D 2 C62D@?23=6 563E E@ 42CCJ[Q D2JD z2E6 (@@5[ =6?5:?8 6IA6CE 2E }6C5(2==6E] Qx?DE625 @7 7@4FD:?8 @? >@CE8286 A2J@77[ E96JVC6 =@@<:?8 E@ k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^7:?2?46^=62C?^D9@F=5\:\A2J\@77\>J\>@CE8286\AC:?4:A2=nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?Ela_adg`gU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm>2I:>:K6 E96:C >@?6J :? @E96C H2JDk^2m]Qk^Am
k9am|:?5D6E bi “x 42?’E 5:6 H:E9 563ED”k^9am
kAm|2?J 9@>6@H?6CD 762C 5J:?8 H:E9 2 >@CE8286[ H9:49 42? 7F6= D@>6 288C6DD:G6 A2J@77 DEC2E68:6D E92E >2J ?@E 36 ?646DD2CJ]k^Am
kAmx? 86?6C2=[ A6@A=6 H@?’E :?96C:E 563E :7 :E’D ?@E E96:CD] $@[ :7 J@F 5@?’E A2J @77 J@FC >@CE8286[ 2?5 J@FC 96:CD 2C6 ?@E 4@\D:8?6CD @C 4@\3@CC@H6CD @? E96 =@2?[ E96J 92G6 @AE:@?Di %96J 42? 2446AE E96 :?96C:E2?46 2?5 D6== E96 9@>6[ @C E96J 42? C67FD6 E96 :?96C:E2?46 2?5 E96 563E H:== 36 D6EE=65 3J J@FC 6DE2E6] %9:D EJA:42==J >62?D E96 32?< D6==D E96 9@FD6 E@ 4@G6C E96 =@2?] x7 E96C6’D ?@E 6?@F89 >@?6J E@ A2J :E @77[ ?6IE DE6AD G2CJ 3J DE2E6[ 3FE 96:CD 2C6?’E C6DA@?D:3=6 7@C 2?J C6>2:?:?8 563E[ 2?5 :E H:== 8@ F?A2:5]k^Am
kAmx7 J@FC 96:CD 2446AE E96 :?96C:E2?46[ E96J 42? 2=D@ 4@?E:?F6 >2<:?8 A2J>6?ED @? E96 D2>6 =@2?] x? 86?6C2=[ =6?56CD >FDE EC2?D76C E96 =@2? E@ E96 96:C H:E9@FE 4@?5:E:@?D[ H9:49 >62?D 2? 96:C H:E9 >:?:>2= 4C65:E @C =:EE=6 D2G:?8D 42? 86E 2446DD E@ 2 A@H6C7F= 4C65:E\3F:=5:?8 E@@=] !=FD[ 3J <66A:?8 J@FC >@CE8286 A2J>6?ED =@H 2?5 J@FC @E96C :?G6DE>6?ED E9C:G:?8[ J@F >2J D6E FA 96:CD H:E9 2 4FD9:@? 7@C F?6IA64E65 4@DED 2=@?8 E96 H2J]k^Am
kAmp >@CE8286 :D?’E E96 @?=J 4@DE 2DD@4:2E65 H:E9 9@>6@H?6CD9:A] !C@A6CEJ E2I[ 9@>6@H?6CD :?DFC2?46[ FE:=:E:6D 2?5 >2:?E6?2?46 4@DED 5@?’E 5:D2AA62C H:E9 J@FC =2DE A2J>6?E]k^Am
kAm“*@F ?665 E@ 6DE:>2E6 2E =62DE 23@FE EH@ E@ E9C66 A6C46?E @7 J@FC 9@>6VD G2=F6 6G6CJ J62C :? ;FDE DEC2:89E\FA >2:?E6?2?46 4@DED[” w2C8C@G6 D2JD]k^Am
kAm%2=< E@ 2 7:?2?4:2= 25G:D@C 23@FE k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^C6E:C6>6?E^=62C?^6DE2E6\A=2??:?8\32D:4DnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?Ela_adg`gU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm6DE2E6 A=2??:?8k^2m @AE:@?D 367@C6 J@F 2DDF>6 J@FC >@CE8286 :D 2 AC@3=6> 7@C J@FC =6824J]k^Am
k9am|:?5D6E ci “|J 9@>6 :D E96 @?=J 2DD6E E92E >2EE6CD”k^9am
kAm#682C5=6DD @7 9@H J@F D66 J@FC >@CE8286[ 36:?8 9JA6C\7@4FD65 @? J@FC 9@>6 2?5 :ED G2=F6 5@6D?’E =62G6 C@@> 7@C >F49 6=D6]k^Am
kAmp =@E @7 9@>6@H?6CD 42? 364@>6 D@ 7:I2E65 @? E96:C 9@>6 E92E :E 42? 27764E E96:C BF2=:EJ @7 =:76[ w2C8C@G6 D2JD] %96J A:=6 @? =@2?D E@ A2J 7@C ?6H 32E9C@@>D 2?5 ?6H <:E496?D[ =236=:?8 E96> 2D :?G6DE>6?ED[ 3FE 92G6 ?6G6C DE@AA65 E@ CF? E96 >2E9 — 2 ?6H 32E9C@@> >2J 6?5 FA 4@DE:?8 J@F >@C6 E92? E96 G2=F6 :E 255D E@ J@FC 9@>6[ 7@C 6I2>A=6] %2<6 2 =@@< 2E 2== @7 J@FC =@?8\E6C> :?G6DE>6?E @AA@CEF?:E:6D — DE@4<D[ 65F42E:@?[ 42C66C 56G6=@A>6?E — 367@C6 J@F 2DDF>6 J@FC 9@>6 :D E96 @?=J H2J E@ k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^7:?2?46^=62C?^:?4@>6\DE24<:?8nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?Ela_adg`gU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm86?6C2E6 H62=E9k^2m]k^Am
kAm“*@FVG6 8@E E@ <66A :E :? A6CDA64E:G6[” w2C8C@G6 D2JD] “|2<6 DFC6 E92E J@FVC6 8@:?8 E@ 92G6 6?@F89 >@?6J E@ 8@ 5@ E9:?8D E92E J@F =@G6 E@ 5@]”k^Am
kAm}6IE DE6An $6G6C J@FC 4@??64E:@? E@ E96 9@>6 =@2?D |:?5 u=2J6C] w2G:?8 2 962=E9J >@CE8286 >:?5D6E >62?D 24<?@H=658:?8 J@FC =62?:?8D[ ?@E D92>:?8 J@FCD6=7 7@C 92G:?8 762CD[ 2?5 36:?8 @A6? E@ ?6H H2JD @7 E9:?<:?8 23@FE 9@>6@H?6CD9:A]k^Am
kAm“p >@CE8286 D9@F=5 ?6G6C >62? E92E J@FC 9@>6 ?@H @H?D J@F[” w2C8C@G6 D2JD]k^Am
k5:G 4=2DDlQ?H\>@C6\7C@>\?6C5H2==6EQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ|@C6 uC@> }6C5(2==6EQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0>@C607C@>0?6C5H2==6EQmkAmkDEC@?8m|@C6 uC@> }6C5(2==6Ek^DEC@?8mk^AmkF=mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^>@CE8286\C2E6DnFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?Ela_adg`gQ E:E=6lQr@>A2C6 %@52JUR_bhjD |@CE8286 U2>Aj #67:?2?46 #2E6DQ E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qmr@>A2C6 %@52JVD |@CE8286 U2>Aj #67:?2?46 #2E6Dk^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^=62C?^:D\:E\2\8@@5\E:>6\E@\3FJ\2\9@FD6nFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?Ela_adg`gQ E:E=6lQxD xE 2 v@@5 %:>6 E@ qFJ 2 w@FD6nQ E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`QmxD xE 2 v@@5 %:>6 E@ qFJ 2 w@FD6nk^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^>@CE8286D^=62C?^C67:?2?4:?8\>@CE8286\A2J\@77\563E\C:89EnFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?Ela_adg`gQ E:E=6lQ&D:?8 2 |@CE8286 #67:?2?46 E@ !2J ~77 s63EQ E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qm&D:?8 2 |@CE8286 #67:?2?46 E@ !2J ~77 s63Ek^2mk^=:mk^F=mk^5:Gm
k5:G 4=2DDlQ?H\2FE9@C\3@I\HAQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@I \ (!Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@I0HAQmk5:G 4=2DDlQ?H\2FE9@C\3@I\HA\\:??6CQmk2D:56 :E6>D4@A6lQQ :E6>AC@AlQ2FE9@CQ :E6>EJA6lQ9EEAi^^D496>2]@C8^!6CD@?Q 4=2DDlQ?H\2FE9@C\3@IQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@IQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@IQmkAmv6@C8:2 #@D6 HC:E6D 7@C }6C5(2==6E] t>2:=i k2 9C67lQ>2:=E@i8C@D6o?6C5H2==6E]4@>Qm8C@D6o?6C5H2==6E]4@>k^2m]k^Amk^2D:56mk^5:Gmk^5:Gm
kA 4=2DDlQ?H\@C:8:?2==J\A@DE65\=:?<Qm%96 2CE:4=6 c |@CE8286 |:?5D6ED %92E |:89E q6 w@=5:?8 *@F q24< @C:8:?2==J 2AA62C65 @? }6C5(2==6E]k^Am