Click here to join our mailing list to receive the latest news and updates as they happen. Unsubscribe any time.

Mortgage Bytes

  • Where are mortgage rates going?  CIBC’s noted economist Benjamin Tal says, “from a planning perspective, look for stable to somewhat lower rates in the coming six months.”
  • Mortgage-Debt Vancouver’s average home price may hit $900,000 next year.  That’s a $5,284 per month mortgage payment (if you can afford 10% down)!  But fear not, you’ll only need to make a few hundred grand a year to qualify for it.
  • See how much income you need to qualify. Link
  • Considering a 40-year amortization?  If you are, real estate blog Move Smartly suggests to, “increase your mortgage payments as your salary increases.”  In addition, if you’re buying for the short term (say 5 years), be warned that long-amortizations make you more vulnerable to short-term dips in real estate prices.  With a 40-year amortization, you’ll pay less of your principal over five years than with a 25-year Am.  If the market goes down you’ll have a greater risk of owing more than your house is worth.
  • InterBay is offering up to a $1500 rebate on commercial appraisals at closing.
  • Despite a challenging subprime market, Xceed is still advertising 100% financing for borrowers with credit as low as 480 (OAC).