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Aleem here, The Mortgage Broker Burnaby. I am going to talk about a 10 Year Mortgage Plan and why you should think long term!
• What percentage of your income do you spend on housing/your mortgage?
• What if your mortgage payment went up $300-$400 per month? What if it went up a $1,000 per month?
• Would you survive if the housing market crashed and you were unable to sell your home?
1. Interest rates historically have averaged between 5.5%-6%
2. Today many people have 3, 4 or 5 year mortgages around 3%-4%
3. The Minister of Finance has indicated rates will be rising
4. All the Experts tend to Agree
5. Did you know? You can protect your family and pay off your mortgage faster.
Here’s how:
Bankers will typically sell 3, 4 or 5 year mortgages. Why? That’s how they continue to make profits in the billions of dollars. The shorter the term, the lower the risk to the bank.
However, mortgages are available beyond 5 year terms. Not only is there a great 10 year mortgage rate available, but today the difference between the 5 year and 10 year rate is among the lowest it has ever been in all of history.
Today, you can get a 10 year mortgage for under 4%? Many banks are doing away with these 10 year mortgages because it is becoming risky for them to allow you to lock in at such a low rate for such a long period of time. As I am writing this there are still a few institutions offering a 10 year mortgage at under 4%. Most of the other institutions that were offering the 10 year mortgage plans have stopped. Why is that?
Banks make billions of dollars each year and they are very successful at making money and they know interest rates will be rising.
My goal is to help 100 families gain security over their financial situation before the end of the year and obtain peace of mind in these uncertain financial times. Even if you don’t call me for advice, if you own your home and have a mortgage, I encourage you to get advice from a professional mortgage broker. Personally I want to let my clients and loved ones know that there is a way to insulate your family from inflation and remain financially secure in the transition back to more normal interest rates.
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