The benefits of being a homeowner are immeasurable, but before jumping into what is typically the largest purchase of their lives, potential homebuyers need to feel confident in their knowledge of the mortgage process. Please call me for assistance in understanding today’s market pricing so you know the loan range to work within when investigating financing for your next home.
A typical mortgage in Canada has a five-year term and a 25-year amortization period. This amortization period is the total length of time it would take to pay the mortgage off, while the term is the length of time that your mortgage agreement with a lender is valid.
A recent poll conducted by Neilsen Research discovered that 74 percent of Canadians would opt for a medium-term or mortgage if they were to acquire, refinance or renew a mortgage today. Included in that number were the 47 percent who would choose a medium-term mortgage (three or five years) and the 27 percent who would look beyond the traditional five-year based mortgage for a term of up to 10 years.
Let’s get together to talk about your real estate budget and how to best work within it when buying and selling in your specific area.