Creeping Mortgage Rates

For those fortunate enough to have secured their mortgage financing when 5 year fixed, 25 year amortization rates were 2.74%, their payments are now just $1,380.04 per month for a $300,000 mortgage. That was several months ago now.

Today:

Rates have risen to 3.69% for the same type of mortgage: that payment is now up to $1,528.05. The extra $148.01 each month is all interest

Tomorrow:

Who knows where or when interest rates will rise to but the Federal Government has made it clear they intend to raise rates as soon as they are able.

For this who haven’t secured financing by the time rates rise the same amount as above, monthly payments for them will be $1,683.85….on the same mortgage amount! The additional $303.81 each month will be all interest!

If you have been thinking about making a real estate change that includes a larger mortgage:

  • we suggest you seek out the best mortgage broker
    • ask for mortgage financing pre-approval and
    • lock-in the best discounted mortgage interest rate while you shop for a property
    • then call us so we can set you up to receive the new listings that meet your search criteria, start showing you the best listings and chat about the best marketing strategy for your property.

If you’d like the name and contact information for one of Victoria’s best mortgage brokers, call or e-mail Kerry today.

This is a great time to make a move….waiting will be expensive.

Call Kerry Couvelier today to get started: 250-477-0921 or soldbykerry@shaw.ca

Fall Market

The selection of exciting value properties on the Greater Victoria real estate market is enticing many to make a real estate change.

First time buyers are finding fabulous modern condominiums in fun ‘lifestyle’ areas of the city.

Move up buyers are taking advantage of the current low interest rates to secure a larger, better located home and, in some cases, using a basement tenants’ rent to help pay down their mortgage. These new landlords are often finding their monthly payments are lower with the larger property because of the rent they now receive!

Seniors are downsizing and finding convenient one level townhouses, condominiums or apartments at prices that work well for their budgets and fixed incomes and provides them with surplus cash that gives peace of mind. No sense being house rich but cash poor: that can cause unnecessary stress.

The selection of properties for sale is fabulous right now. This is an excellent time to find a great property.

If you’d like to talk about your plans, the value of your property, the typical costs when you buy and sell, and what hot new listings might work well for you, call Rick Couvelier to arrange a confidential consultation. 250-477-0921.