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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

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A 1% drop in mortgage rates can reduce the cost of your condo $51,000

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 ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.

 

 


A 1% drop in mortgage rates can reduce the cost of your condo $51,000 from Ian Watt Vancouver Condo on Vimeo.

 

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 ianwatt@ianwatt.ca. Thank you very much and have a great day!