Learning What It Really Takes to Buy a Home: My Interview With Liane Moskal

Oct 23

By Fernanda Cordeiro: A Grade 11 Co-op Student

When I interviewed Liane Moskal, a mortgage agent, I learned about buying a home as a young person. I already knew it was expensive and not easy, but talking to her gave me a clearer idea of what the process actually looks like and what steps young people can start taking early. I learned that even though the market is hard right now, there are still ways to make buying a home realistic if you plan ahead and stay consistent with money.

When Liane and I discussed what age is the right age to start thinking of buying a house, she said the sooner the better. Your first house won’t be your forever home; it’s more about just getting started and building equity. Liane got a good start by purchasing her first home at just 24. Even though that seems impossible right now, she said it’s actually 100% realistic. If you set aside savings goals or even get some sort of help from your parents, you can manage to set aside a down payment. Saving doesn’t have to be huge amounts all at once, it’s more about being consistent.

When we talked about how much someone should save before buying, she said to save at least 5% for the down payment and closing costs. For example, if you’re looking at an old condo that costs $350,000, you need to have saved $17,500, plus 1.5% for the fees. But you also need to be pre-approved, which is why it’s super important to start building credit early. She said you should have at least two forms of credit, like a phone plan or a small credit card. This shows that you can make payments on time, which is what really affects what you can qualify for.

Some advice that Liane wanted to give to all young people who want to buy a home in the next few years, but feel like it’s impossible. She said to just keep saving and building your credit, it’ll all work out in the end. The market is expensive right now, but not every area is super competitive. If you work with a good agent, they’ll help you find places that fit into your budget.

Overall, my interview with Liane helped me understand that buying a home takes a lot of planning and perseverance. It’s not easy, but it’s definitely possible if you plan ahead and stay on top of your money. Saving, building credit, and starting early can really help. The market is tough right now, but with time and with the right help, anyone can do it.