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.
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
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 firstname.lastname@example.org