Open House - The Real Estate and Mortgage Show
Steve, Frank and Paul take all of your real estate and mortgage questions. Are there any gadgets that could help you sell your home? Will the two recent budgets affect the local housing market? Those are some of the questions the guys kick around on this week's program.
This week on Open House - The Real Estate and Mortgage Show, Steve Gregory, Frank Napolitano and Paul Rushforth discuss the current mortgage and real estate market.
The biggest news this week has been the Federal and Provincial budget. In this week's Podcast, Steve, Frank and Paul discuss the way the changes to our budget are going to affect the mortgage market. The biggest potential changes being discussed are lowering the minimum amortization period from 30 to 25 years and increasing the minimum down payment amount from 5 per cent to 7 or as much as 10%. These changes are not believed to be in the pipeline in the near future, as Canadian debt is not "out of control" as it was originally perceived to be. Mortgage - seekers should make it a priority to pay off any high interest debt, such as credit cards with high interest rates, before applying for a mortgage.
For those with secured lines of credit making interest only payments, it is recommended to convert this line of credit back into a mortgage while interest rates are still low. Converting your payments back to principal plus interest is a terrific way to pay down your debt faster.
This week, the gentlemen also discuss the possibility of purchasing an investment property, and the importance of knowing the difference between a commercial and residential mortgage. For those looking to sell a property, you will learn about what small improvements may add value to your home.
To listen to the full Podcast from 580 CFRA, click here.