The aggressive Red Deer Real Estate Market is always affected by interest rates and the amount required for a down payment. If you are tired of paying rent and would like to own a home, there are many things to consider.
If you are thinking of buying your first home, but you are thinking of holding off, here are a few questions you may want to ask yourself. If the minimum down payment requirements changed to 10% percent down, could you still purchase a home or do you only have 5% percent of the purchase price in savings for a down payment? Why do I ask you? Changes to the lending policies are in the works and suggest the minimum down be 10%. As well, if the interest rates go up, so does your payment amount. These are two very hot topics to consider when entering the real estate market. We are seeing many changes to the lending qualifications and it is getting more and more difficult to qualify. If you are in the market for a home and if these changes would affect your ability to purchase, you may want to act now!