My second question for Heidi Dandurand at Invis was:
With interest rates so low right now, what is the average monthly payment on a mortgage of $100,000? If interest rates go back to 5.8% like they were last year what would your payment be there?
Heidi's response to this was very short and to the point:
$100,000 with 5% down payment over 35 years at 4.39% is $454.72
$100,000 with 5% down payment over 35 years at 5.80% is $541.16
Difference per $100,000 in savings is $7,127.28!!! in 5 years!!!
If you were to borrow $250,000 right now your mortage would about $1136.80. If you had bought last year at 5.8% your payment would be $1352.90. Thats a $216.10 saving per month. Like Heidi said that over $7,000 over your 5 year term. Lock that 4.39% in for 5 years and enjoy your home at a lower payment.
Prices are lower than last year and interest rates are at an all time low, neither will last.
If you need anymore information on your mortgage info contact Heidi at
Heidi Dandurand, AMP
Invis - Red Deer
#5, 3608 50 Avenue
Red Deer, AB T4N 3Y3
403 - 350-8958 (cell)