Posted on: 03-09-05 11:51:02
I believe that 4.3 fixed is a great rate for 5 years, provided you are looking for security.
As I understand, interest rates are on the way up, and unless you want to take a gamble (read "risk"
it would be a good idea to lock your mortgage rate. 4.3% looks very attractive to me, at this time.
I agree with STHIRU18, however predicting interest rates is very much a gamble and one should be prepared to keep a close eye on the market.
Here's a suggestion: If you feel that rates are at a point you can live with and you want to guarantee that rate as long as possible, go with a long term (5 years, 7 years, and 10 years). If interest rates appear to be rising (any doubts?), take advantage of the lower rate for as long as possible, and remember, if you sell your property, you can take the mortgage with you to the new property or have someone assume the mortgage. It could prove to be a great selling feature if you have an assumable mortgage at very low rate.
Read more at: http://www.realestate-ontario.com/mortgage.htm
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Hi Amit,
What currently is the price for a condo / studio apartment in a reasonably well connected ( access to public transport, utilities, schools etc.) area. And as a new immigrant what are the mortgage options available to us. I mean the amount of maximum funding we can get from the bank, with a non existent or a six month credit history.
Any feedback will be highly appreciated.
Regards
Northwind
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Those who want to make their dreams come true dont sleep
One bedroom condo price in a decent Mississauga Toronto area building with good reserve fund and amenities can start at $160,000 and more. As a newcomer with some credit history and a good PERMANENT job (same job profile in your past work experience), you might qualify to buy a home like any other Canadian resident, say 5-10% down payment.
Why do not you call me and attend a first time home buyer interview, like other newcomers?
Many important topics are discussed in this session, see below:
http://www.realestate-ontario.com/firsttimebuyer.htm
By the end of this interview, I can bet that you will know a lot more about home buying than many first time buyers and you will be able to make an informed decision.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
