Rates are at all time lows Sep 20th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Latest in Mortgage News: Toronto and Vancouver Home Sales Surge in September Oct 8th

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Should you hold your mortgage inside your RRSP? + MORE Oct 2nd

Q. I currently own a house in Edmonton that is mortgaged, and looking to purchase a property in Vernon, BC, that I will eventually retire to. Until then, I am liking the idea of renting out that property to help support the additional mortgage.  I am wondering if it’s possible to transfer my exis.... More »

Rates are at all time lows

– canadamortgagenews.ca

Rates are at all time lows

Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs in perspective. 

Here is what MORTGAGE PAYMENTS on a $400,000 mortgage look like with a 30 year amortization:

@ 2.00% is $1477/month@ 1.75% is $1428/month@ 1.50% is $1380/month

Compare this with when rates were higher… 

@ 5.00% is $2135/month@ 4.75% is $2076/month@ 4.50% is $2017/month

Your payment does not change by as much when interest rates get very low.  If you are looking to buy a property, and you intend to own for 5 years or longer (and as I’ve stated many times  for several reasons you should always plan to own for 7 years), then go for it. Feel good about buying. If this is within your budget, go for it.  Buying is often more affordable in the long run and makes more sense than renting for the vast majority of us.

Your best interest is my only interest…

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