Mortgage Reminder
I find an article in The Globe and Mail today very interesting, a little negative, but interesting in that it raises some of the age old issue about going for a Mortgage.. Simply, don't just go for the lowest rate!!
Mortgage Reminder Blog Transcription
Rob Reynar here, just checking in. Reading an article now online on The Globe and Mail about mortgages and mortgage money and how Canadians are taking out mortgages at a torrid pace about eight percent more than last year. They're sort of raising some concerns that maybe Canadians are digging themselves in too deep with cheap rates and that were also almost creating a false economy in a way and that it's gonna lead a higher price and then another bubble burst. I agree to a certain extent but I do say that, that particular outlet of the national media is generally negative when it comes to real estate or the prospects of people doing well. So I'll just leave it at that but, I will say this, yeah interest rates are incredibly low and there were a lot of deals on the market this year because of how prices fell last year. So it is natural that people are gonna go out and get money to buy and pick through those deals and we've seen incredible volume in real estate sales and I think it's a big reason for that. But, I guess the point is when you're to get a mortgage or you're going to choose the best rate or you're going to get the best terms that fit the product that you are trying to buy, I think that's the difference. It's like anything in life, if you're going for the best rate, the best price, there are repercussions to that. So, if you go to the bank and they say, "yeah you got a two and a half percent mortgage here, just sign". I hope that you can afford the mortgages if it was three and a half or even four percent because then you've built in the buffer zone that I think is necessary. So it'll be very interesting to watch we head into the first quarter of next year. Love to hear your comments on this, info@robreynar.com. R-E-Y-N-A-R, info@robreynar.com. Talk to you soon, buh bye!
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