Choosing a home is exciting. Finding the neighborhood, floorplan, and features that suit your needs and wishlist is a fun and rewarding process. But selecting a mortgage? Not so much. From sifting through technical jargon to choosing a broker, the mortgage-selection process can be as frustrating as it is confusing.
Fortunately, financial experts and economists exist and can provide guidance to those of us who aren’t well-versed in the complex world of mortgages and finance. (And occasionally, they even agree with one another.)
Now is one of those occasions. Writing for the Globe and Mail, Robert McLister reports that while most things in the economy remain uncertain, experts agree that in the near future, “rates remain on the upswing.”
That means that if you’re considering purchasing a home, you might be wise to make your move sooner rather than later.
Given the current and expected state of the Canadian economy, McLister recommends locking in a five-year fixed-rate mortgage. Here’s why: “You can still snatch a five-year fixed mortgage near 3 percent. That’s right around the 10-year average and way below the long-term average. With more hikes on the radar, a five-year fixed that’s anywhere in the low threes is a gift.”
Writers for the website MoneyWise echo McLister’s advice, noting that “If you are shopping for a mortgage right now your best bet would be to lock into the best fixed rates while they’re still at such record lows. By securing a low rate today you could save yourselves thousands of dollars during the life of your mortgage.”
These fantastic rates couldn’t have come at a better time if you’re considering purchasing a home at Ridgestone Villas in Prince George! Our 4th and Final Phase of these outstanding College Heights townhomes is now selling — and they won’t be around long!
Whether you’re looking to buy your first or your next home, we’re certain that at Ridgestone Villas, you’ll find the perfect place to suit your style, wishlist, and budget. If you’re interested in taking advantage of this buyers’ market and owning a home at Ridgestone Villas, reach out to our team today at (250) 617-6844. We’ll help you put together a solid financial plan and walk you through the mortgage-selection process.
Completed in 2013, Stonebridge Villas offered 60 townhomes backed by $1.6 million in contributions from our mortgage and downpayment assistance programs, as well as contributions from the City of Saskatoon and the provincial Head$tart program.