Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Saskatoon Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!
Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.
Here Tammy Expands on the Future of Interest Rates:
I wanted to touch base on the Huffington Post article link that I provided earlier last week. Being in the Mortgage Industry; I find it very exciting that LOW mortgage rates for our future are being predicted. Every day I have clients calling saying they have “heard” rates are going up. The Bank of Canada has not increased their Prime lending rate since 2010. Since 2010 we have seen very little movement in rates overall. There may be some slight competition for business amongst banks, depending on time of year there may be some slight fluctuation as banks try to end their fiscal year ends as strongly as possible.
We have seen some great Variable rate discounts re-introduced to the mortgage landscape- but generally speaking the 5 year fixed has stayed fairly even for the past 5 years. With home prices and Household consumer debt at all time highs - a spike in interest rates would put our Country into a recession.
These low interest rates may become the “norm” regardless of other market factors. We cannot predict what interest rates will do long term. However, Economists predict that we may see rates range anywhere from 3-5% going forward long term. Based on the Article posted last week- rates could maintain even lower.
What does this mean for you?
Buying a home - and paying a mortgage builds equity and long term security. With rates as low as 2.89% and 2.99% on a 5 year fixed there has never been a better time to consider becoming a home owner.
If you were to purchase a $300,000.00 home today at 2.99% (vs past rates of 4.50% as an example) making biweekly payments, amortized over 25 years, you would save over $14,000.00 in the first 5 years.
Mortgages are considered secure credit. Good debt. Something that will likely increase in value the longer you own it and the longer you make payments towards it. Allowing you to increase your equity for future stability.
The consumer debt that is being discussed is in relation to credit cards, line of credits and car loans. These types of debts are monitored but not legislated. Allowing consumers to get more and more unsecured credit. Rarely do these types of credit approvals take into consideration your actual costs should you use the full limit.
A Mortgage approval will go through fine detailed information, although the process is smooth and easy- the overall income vs debt has very firm maximum’s. Once we review all of your information we can advise you as to exactly what you qualify for and can realistically afford. We then can provide you a pre-approval to start house-hunting within the same day! **OAC (on approved credit**)
Call today 306.933.3386 OR Apply online and the information will come directly to me. This will allow me to start working on your request immediately!
~Tammy Wandzura Mortgage Broker
Call Tammy Wandzura today at 306 933.3386 for all of your Saskatoon mortgage needs OR visit www.elitemortgagechoice.com
Make an appointment with Tammy Wandzura at TMG, #1-511 1st Ave N or check out her listing on the SASKATOON DIRECTORY in the SASKATOON MORTGAGES Category..she is a Trusted SASKATOON MORTGAGE BROKER Expert!
Listen to Tammys current Radio ad here! http://www.elitemortgagechoice.com/wordpress/wp-content/uploads/2012/02/SP0085.mp3