• Sarah Mathieu

The Fear Of Rising Interest Rates

Lately, it doesn’t matter where you are, everyone is talking about 3 things: Rising interest rates, Inflation and well…The weather of course. Housing & interest rates have been a hot topic for years, so what's different now?


The pandemic created a perfect storm for record low interest rates, creating fierce competition in the housing market for those looking to purchase a home. But now, with rates on the rise and the market starting to stall, Canadians are left once again worrying about housing affordability. The media has successfully done its job to instil fear in consumers about rising interest rates. So let’s go through some of these concerns together!

Kamloops Mortgage Brokers

 

Frequently Asked Mortgage Questions

“How would my payment change if I went from a 3% to a 5% interest rate on my mortgage?”

On a mortgage amount of $650K with a 25 year amortization, the payment would go from $3,076 to $3,780 per month. Thats a difference of $704/m.

“Can I get a 30 year mortgage?”

"I can’t afford my mortgage payments, what are my options?"

"I heard interest rates will increase to 30 or 40%! Is that true?"



 

Mortgage Calculator App


Mortgage Calculator App

  • Compare your options side by side

  • Calculate your total cost of owning a home

  • Estimate the minimum down payment you need

  • Calculate the maximum loan you can borrow

  • Stress test your mortgage

  • Estimate your closing costs

  • Calculate Land Transfer Taxes and the available rebates

  • Search for the best mortgage rates

  • Email Summary reports (PDF)




 

What questions to ask your mortgage broker?

Understand your payment:

1. What is my interest rate? 2. What is my amortization? 3. What is the difference in payment between the current fixed & variable rate mortgages available? 4. If I go variable rate, are my payments static or adjustable? Understand your penalty: 1. What is my mortgage term? 2. Are lower rates available for shorter terms? 3. What if I plan on moving? 4. How is my penalty calculated?

 

Mortgage Brokers in Kamloops

Best mortgage broker in kamloops

Contact us at 250-320-5555 of info@mortgagetech.ca


Mortgage Tech - Simple. Fast. Digital.


68 views0 comments

Recent Posts

See All