Research done by a major Canadian Chartered Bank indicates that almost half of the first time homeowners in Canada believe it is now time to buy a home. The report went on to say that prices are expected to rise by 8% in the next year slowing to about 1.5% later in the frame.
Interest rates remain at record lows, with 5 year money available: fixed 3.59% (Nov 23/10) and variable 2.25% (Nov 23/10). These interest rates should be available from your reputable mortgage consultant without any brokerage fees.
Consultation and proper planning with your mortgage broker professional makes home ownership a real possibility for 2011. Discuss budgets, carrying costs and closing costs ensuring that you are completely comfortable about the entire process. This is the most important responsibility of the mortgage broker that you deal with. Always remember that your mortgage broker has access to over 40 Institutions in Canada – make use of them.
Rick Moran, AMP, OMB#M08001997
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