Ahhh… September conjures up all those memories: the smell of a fresh box of crayons, crisp new school clothes and the sheer fear of your teacher. (We are just kidding about the last one – just checking to see if you are paying attention!) This month’s client hero would be one of the teachers you fondly remember. I mean seriously, she says the worst part about summer is that she misses the kids – does she have the right job or what?

Kenna purchased her first home this summer. (Almost as monumental a step as walking into a classroom with your new back pack!) It can be overwhelming to not only find the right home, but find the home that fits your budget. As Kenna found out she really wasn’t too sure what she could afford. At TCM we now offer mortgage broker services, which has helped us realize that Kenna is not alone. Getting some independent advice on renting vs. buying and determining what is the best financial option for you can bring as Kenna says “peace of mind”.  In fact, experiences like Kenna’s prompted us to create the TCM Mortgage Planning Kit! https://tcmfinancial.ca/planning_kits/

Read on and see how our process helped Kenna find the right solution for her.  

What is the most rewarding aspect of being a teacher?

Building relationships with students and their families. In the right atmosphere and surroundings a school becomes a family and we get to watch everyone grow up!

Best and worst part of having summers off as a teacher?

Best – a chance to rejuvenate! Worst – I lose my routine and I really miss the kids –  I LOVE the first day back to school.

What might someone be surprised to know about youimg_0814?

In my first degree, I took a Track and Field class from a coach who has worked with Olympic athletes and also served on Olympic, Pan Am, and Commonwealth Games committees.

What is your favourite quote?

“We shall never know what a simple smile can do.” – Mother Teresa

Who is your a role model(s)?

Sentimental – My Grandma.  She is the strongest woman I know and demonstrates on a daily basis the ways to treat others, endure life through trials, and love unconditionally.

Non sentimental – Jimmy Fallon. I admire his energy, humour (when appropriate), and his genuine excitement to meet people

What was the most stressful part of buying your first home?

The process of buying my home was quite quick but waiting for approval from lenders caused me stress.  When that was approved I became nervous about waiting for the lender-lawyer communication to be completed.  In the end, it took three weeks to settle everything which was worth the wait.   It is always good to practice patience.

What surprised you the most when conducting your due diligence before deciding on a purchase price for your first home?

Closing costs.  I was surprised of the additional fees even though I had been told there would be some.  The fees are necessary to complete the journey but good to learn about before so there are no surprise fees at the end!

Did you find comparing your net monthly income to the projected expenses of your new home worthwhile in determining affordability?

ABSOLUTLEY!  It was the reason I felt I was able to purchase a home.  The financial spreadsheet allowed me to see exactly what was coming in and where I could allocate funds.  It was important to me to still be able to save.

If you could offer one piece of advice to those looking to buy their first home, what would it be? 

Advice:  Get a financial advisor – specifically Connor! It alleviated far more stress than you will ever know.

If you could ask a financial planner any question, what would it be?

Connor and I were talking about Life Insurance and Disability Insurance and that has been on my mind for a while.  My question would be: when is the right time to buy these types of insurance? I am also always curious about when is the best time to start an RRSP… I get differing answers about this.

TCM: After reading this don’t you just feel good about teachers like Kenna who are shaping the next generation of young minds? Stay tuned for our next blog when Taylor will answer Kenna’s timely question.