While average mortgage size and average real estate prices have gone up, interest rates have not. They’ve actually done the opposite. And they have gone significantly lower.
A $400,000 mortgage will cost you $1400 per month today. Compare this with $1682 per month from a few years ago. Or how about a payment of $2,182 per month From 15 years ago.
It’s never been this easy for me to forecast interest rates, and by the way if you don’t mind me saying I’ve had a very accurate track record for forecasting interest rates. You only need to look at my historical market trends reports over the last fourteen years to know that. For the first time ever I can easily say that interest rates are going to stay low this year and next year and probably the year after that and the year after that.
We are expecting interest rates to stay low for the next 3 to 5 years. With this in mind you should plan accordingly so that you can benefit, take advantage and build wealth. I wanted to share this info with as many people as possible. This is a once-in-a-lifetime situation. It’s not all good. I know that. However if you are able to benefit from this, or ease some financial pressures that you may be experiencing, then don’t hesitate.
Should you break your mortgage now and refinance? The answer is probably and most likely yes. However, if your penalty is too great then it may not be worth it. But there are many other factors to consider. Do you want or need to have a lower monthly payment to make your own personal life easier? Are you in a situation where your combined total debts are just too great for you to manage? If you are answering yes then you should consider refinancing. Explore the possibilities and speak with an experienced mortgage broker that can help and guide you to make the right decision for you.
What is the product of choice today? Everyone is different and has different needs, goals, wants and objectives. Having said that variable rate is my product of choice. That might surprise many because everybody wants to lock into a fixed rate for security. But I think you’ll do well to consider a variable rate. More on this next time.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis 416 224 0114 firstname.lastname@example.org
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.