RSS

Changes to Mortgages

Mortgage rates are on the rise, 5 year rates are up to the 3.25% range.  Granted, the rates are still amazingly low... let's hope they stay low.  Every time the rates are increased, it weakens your buying power.  That is, reduces the total amount you can borrow.  If you're thinking about buying or re-financing, this is why it's important to lock in a rate with your mortgage broker / banker.  They will hold a rate for up to 120 days so that if rates spike again, you can still get a mortgage with the lower rate you locked in. 


For great mortgage related information - check out this website:

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/mortgage-regulations/

 


Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.