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New homeowners ?poor?

According to a Decima Research survey conducted for BMO Bank of Montreal, 16 percent of recent first-time homebuyers find payments are difficult to manage, or that they consider themselves to be ?house poor.

According to a Decima Research survey conducted for BMO Bank of Montreal, 16 percent of recent first-time homebuyers find payments are difficult to manage, or that they consider themselves to be ?house poor.?

The survey also found 77 percent of recent house hunters didn?t seek any financial advice from a financial professional such as a banker, financial
adviser, or a mortgage broker.

?What?s surprising about these findings is the number of people who don?t seek financial advice on the biggest investment they?ll ever make, and that could be a big mistake,? said Maria Racanelli, vice-president, personal banking. ?While securing a great mortgage rate is important, developing a realistic plan on how to manage both your regular payments and unexpected expenses often makes a huge difference in maintaining a comfort level about your overall finances,? she added.

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