Margaret Awano, now in her mid-50s, purchased her home with a sense of regret that she hadn’t done so sooner. Owning her own home had always been a lifelong aspiration, but she delayed the search, feeling that her age was a hindrance. Securing a mortgage at 55, Margaret couldn’t shake the feeling that she might have been offered better terms had she been younger. Despite the desire to stop renting and become a homeowner, various life circumstances continually postponed this dream.
Having spent two decades abroad and residing in her partner’s home, Margaret had never felt the need to seek out her own place. After the breakup, reality hit hard as she found herself apartment hunting at 55 without owning a property. After deliberating for two years in the hope of a market dip, Margaret began exploring mortgage options in March 2024. Despite concerns about her age affecting eligibility, she submitted applications to various lenders.
Eventually, Margaret was approved for a $300,000 mortgage at 6% interest over 10 years. Despite searching for better terms, the offers remained consistent. Reflecting on the process, Margaret regretted not applying for a mortgage sooner when longer repayment options were more readily available. In the end, she accepted the initial lender’s terms.
Margaret’s strong credit score, substantial savings, and support from a guarantor – her older brother – bolstered her mortgage application. With half of her $120,000 savings contributed toward the down payment, she now pays $2,300 monthly towards the principal and interest.
Despite the delay, Margaret finally obtained her dream home and is thrilled with her investment. The kitchen and garden are particularly enchanting, making her new home one of the best decisions she’s made for herself.
