Vancouver Condo Real Estate Video Blog #245 - February 13, 2009
A 1% drop in mortgage rates can reduce the cost of your condo $51,000
Ian Watt video blogs about how a 1% drop in mortgage rates can reduce the cost of your Vancouver condo $51,000 in total payments. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to email@example.com and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.
Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver.
Interesting thing going on with the mortgage rates right now they're
quite low. Where seeing a lot of first time buyers getting in there but
here something to calculate on your own. Take a $300,000 dollars
mortgage and calculate a 5% mortgage rate and then drop it down to 4%.
See what the difference is. For every hundred thousand dollars it looks
like your saving $17,000 dollars in payments over the life of your
mortgage. So what would I suggest is think about how mortgage rates
really affect you and speak with the mortgage professional like Laury.
They've been great to me. Anyways I think you should do that because if
it's $300 dollar more your saving $17,000 dollars per hundred dollars.
That's $51,000 dollars in payments you are saving just because of the
mortgage rates is down 1%. My name is Ian Watt. You can always email me
at firstname.lastname@example.org. Thank you very much and have a great day!