Vancouver Condo Real Estate Video Blog #709 - March 12, 2012
Low 10 Year Fixed Rates Doesn't Mean You Should Borrow More
Ian Watt video blogs about how with all the low 10 Year 2.99% fixed rates buyers are qualifying for larger mortgage amounts but doesn't getting deeper in to debt mean you are making a better investment? 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. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012 http://www.Chapter12.ca/ .
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. I have noticed that recently all the banks are having a bit of a raise to the bottom I think it was bmo that started it and it’s 2.99 ten year fix rate which is just awesome and then Royal Banks on it and the few other ones doing it as well. However what I would like everyone to keep in mind is just because is they have lower rates and a lot of people are prove for a little bit more money now it doesn’t mean that you should buy a more expensive condo just because you are approved for it. If you had your heart set on and you are really satisfied for the $400,000 dollar condo maybe you should stick with that $400,000 dollar condo and just because the rate are much that lower and your monthly payments are not that much lower it doesn’t mean you should up your purchase to for 2.25 just because you are approved for it. Going deeper into that might not be the best long term strategy for you just something to think about and speak with your financial planner, your family and your realtor about this just to see what the best purchase is, regardless of what you can afford. My name is Ian Watt and if you have any questions you could always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!