Mortgage News

Dangers of Low Interest Rates in Calgary

Low Interest Rates are Great?  Right?

Maybe yes, maybe no.  Depends on how you have leveraged yourself.

These days of exceptionally low interest rates are exciting and make home ownership possible.

But, what is this payment shock people are talking about?  What does it mean to you?

Some things to consider:

• If interests rates rise significantly in the next 3 – 5 years, are you prepared for the increase in mortgage payment?
• What if your new payment takes over half of your take home pay?  What then?
• If you are in a variable rate mortgage, are you prepared to pay more as prime increases?

Read my blog here – it will make you reconsider your current situation and become perhaps a little more conservative in your home buying approach.