Blog by Patricia Houlihan - Personal Real Estate Corporation

<< back to article list

SUPER MORTGAGES

SUPER  MORTGAGES - Some help to combat Vancouver Real Estate Prices
 
There have recently been 2 mortgage announcements that could help buyers of Vancouver real estate.

Apparently Bank of Montreal has a limited time deal for 5 year mortgages at 2.99%.  This is a great rate - HOWEVER given all of the restrictions, it might be better to buy your home with the slightly higher rate offered by other lenders.  If you need to pay off the mortgage, this mortgage could cost a lot of money and the other restrictions could mean that you pay a lot more on the loan over time.  I had a broker send me the math and were it me, I would go for the slightly higher rate with the ability to pay down, pay off, etc.

If you like security, the ING 10 year mortgage sounds a bit better - it is quite flexible but provides 10 year rate protection at a very low rate of 3.99% (3.89% for new clients - I never get that - penalize your existing loyal clients???).... and then there's the variable mortgage.

I am not a mortgage broker of course but thought this information quite important for those of you who might be considering purchasing a Vancouver home in the near future.

I have more details on these mortgages and can also refer  you to a good broker if you have questions.

At rates this low, renting in Vancouver doesn't seem to make sense!


Patricia
(604)376-7653

Archives

Newsletter

Enter your email address: