Is this the year you finally get into it??
I’m talking about home ownership and if you have been considering making 2012 the year you finally buy your first home or your dream home, I wouldn’t wait much longer!
Today’s interest rates are at an all time historical low and there has never been a better time to buy. We are well into our spring market, traditionally our busiest time of year and well priced homes are selling quickly, but these low interest rates are not going to be here forever!
Earlier this week, RBC was offering a 5 year closed mortgage at an incredible rate of 2.99 but already, they have changed that to a 4 year rate, however, BMO is still offering a 2.99% rate for a 5 year term and will hold that rate until the end of June if you refinance your existing mortgage for that “dream home” or put an application in for a new mortgage, but this offer will not last long. It may not seem like a big difference here, but the reality is, it amounts to $1,265.88 for the year if your mortgaged amount was $200,000. $1,898.76 saved if your mortgage was $300,000. Something to consider……you could put the difference directly against your principal, paying it down in the early years when interest still consumes the “lion’s share” of your monthly payment. It’s not a matter IF interest rates start rising, just a matter of when. According to a Bank of Montreal survey, two-thirds of Canadian homeowners are now locking in to fixed rate mortgages as a way to get some rate certainty.
Remember, the lending institutions are competing for your business! When you’re ready (and I wouldn’t wait any longer) to shop for a new home, I’m here to help! Along with trusted lenders, and my experience, we will pre-qualify and lock in a mortgage rate for you that will make that dream home a reality!
Please check back soon for my next blog…..“Why do I need a Realtor??”