Is now a good time to get a mortgage? YES!
Today’s interest rates are historicallylow. Three years ago, the best discounted five-year fixed term mortgage rates were at five per cent and the maximum amortization was 25 years. Today, the banks can extend the amortization to 35 years and interest rates are approximately one per cent lower.
What does that mean for you?
A payment on a $250,000 mortgage in 2006 would have been $1,455 per month. Today your payment is $1,153 per month! And the annual income you need to qualify for that payment is
more than $11,000 less! The bottom line is that your purchasing power has increased substantially due to very low mortgage rates.
Opportunity is knocking........
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