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.”
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.
Considering a 40-year amortization? If you are, real estate blog Move Smartlysuggests 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).
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