AGENT LICENSE ID
10505
BROKERAGE LICENSE ID
10505
Lou Salvino
President
Office:
Phone:
Address:
7500 Martin Grove Road, Unit 7, 2nd Floor, Vaughan, Ontario, L4L 8S9
Mortgage Matters - The Waiting Game
7/7/2011
While young adults from age 18 to 34 represent the most likely age group to buy a home within the next two years, 55 percent of them responded to a recent survey saying they're not quite ready now, and, in fact, probably won't be ready until at least next year. Why the wait?
An Ipsos Reid survey, conducted in January 2011 among 2, 103 Canadians, found that rising real estate prices, along with providing a large enough down payment, were the biggest concerns for the young people.
Committing to the purchase of a first property, or eve - for current homeowners - a second property, should be done with all the facts in hand, which is why doing your research now, with the help of a mortgage broker, has never been more important. You'll need to determine what you can afford, and you'll want someone to present and explain all the financing options available to you.
Keep in mind that mortgage rates have been at historical lows over the past couple of years, but are starting to inch up now. We are lucky to live in an economy that shows steadily improving activity, however, the other side of the coin is that mortgage rates will eventually have to rise, making homeownership challenging. In a few short years, potential buyers might nostalgically look back on these times as the "good old days", when financing a loan was affordable.
Even if you're not ready to move right now, remember that you are always welcome to call with any questions. Why wait? Please call for a no-obligation discussion on today's real estate environment and mortgage market.
An Ipsos Reid survey, conducted in January 2011 among 2, 103 Canadians, found that rising real estate prices, along with providing a large enough down payment, were the biggest concerns for the young people.
Committing to the purchase of a first property, or eve - for current homeowners - a second property, should be done with all the facts in hand, which is why doing your research now, with the help of a mortgage broker, has never been more important. You'll need to determine what you can afford, and you'll want someone to present and explain all the financing options available to you.
Keep in mind that mortgage rates have been at historical lows over the past couple of years, but are starting to inch up now. We are lucky to live in an economy that shows steadily improving activity, however, the other side of the coin is that mortgage rates will eventually have to rise, making homeownership challenging. In a few short years, potential buyers might nostalgically look back on these times as the "good old days", when financing a loan was affordable.
Even if you're not ready to move right now, remember that you are always welcome to call with any questions. Why wait? Please call for a no-obligation discussion on today's real estate environment and mortgage market.
