Are you still renting, paying off your landlord's mortgage with each passing month? Why not pay yourself instead!?!
If you've recently thought about buying your first home or making a move, there's no better time than now!
With interest rates expected to drop to all time lows and the fall market just around the corner, your opportunity to purchase that home you've been dreaming of is NOW!
The article below from the moneyville section in the Toronto Star explains what is expected to happen with mortgage rates over the coming months:
The debt ceiling standoff in the U.S. earlier this month and the lingering concerns about debt in Europe sent stock markets into a frenzy this month.
Your investment portfolio or RRSP may have taken a hit, but the volatility may be good for your mortgage.
RateSupermarket.ca’s expert panel believes that fixed mortgage rates will be heading lower and variable rates will remain unchanged in the coming weeks.
That’s because the yield on government bonds dropped by more than 40 per cent in the last month. These rates are closely tied to five-year fixed rates.
Canada’s big banks have yet to decrease their mortgage rates, but the experts expect that to happen before the end of the summer.
Economists expected the Bank of Canada to starting increasing its key interest rate this fall. But with so much uncertainty in the global economy, central banks are afraid that hiking interest rates will squash the already-anemic recovery.
The U.S. central bank has vowed to keep interest rates unchanged for the next two years, and experts think Canada will be at a standstill until the start of 2012, maybe longer.
Variable interest rates follow the Bank of Canada’s key interest rates
What does this mean and how does it apply to you?
*A lower mortgage rate can help you buy a larger home or qualify for a mortgage loan with lower monthly payments.
*With each mortgage payment more money is applied to your principal and less money is given to the bank for the interest incurred on your mortgage - ultimately can pay off your mortgage quicker with a low interst rate than a high interest rate
To find out what you if you qualify for a mortgage or what steps you would need to take in order to qualify contact:
Mike Jones from CENTUM Core Financial
---> Click on the photo below for Mike Jones' contact information
An application for a pre-approval takes only a few minutes and can be done either online from his website, over the phone, or in person.
* With a pre-approval, your interest rate will be locked in for 30 - 120 days (depending on your situation) which means that Mike will guarantee you that LOW INTEREST RATE while you shop for the perfect home for you!
Mike truly has your best interest at heart and will do everthing in his power to get you the best mortgage possible for your particular situation.
For more information on properties that may be of interest to you across Ontario, please click HERE
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