Open House - The Real Estate and Mortgage Show
Steve, Frank and Chris Hoare (filling in for Paul) take all of your real estate and mortgages questions. Is a 30-year survey still valid? Is it the buyer or the seller's responsibility to get the survey? These questions and more... answered on another episode of Open House.
On the 250th episode of Open House - the Real Estate and Mortgage Show, Steve Gregory, along with Chris Hoare and Ottawa Mortgage Broker Frank Napolitano discuss recent mortgage and real estate news.
In the wake of speculation that interest rates should increase in the fall, Frank stresses the importance of taking advantage of today's historically low mortgage rates. We also learn that taking a fixed rate mortgage over variable rate is becoming one of the best options, especially for first time buyers. If the prime rate increases as it is believed to, those with a fixed mortgage rate will not be saddled with the concern that their mortgage payment will increase as well.
The gentlemen also discuss tightening lending regulations; more specifically, the possibility of the Office of the Superintendent of Financial Institutions (OFSI) implementing the necessity to re-qualify when renewing a mortgage. Currently, it is believed this idea is only in the conception stage, however, it brings to the forefront the importance of keeping credit spending responsible and under control. Remember to contact a qualified Mortgage Broker with any questions.