Open House - The Real Estate and Mortgage Show
This week, Steve Gregory is joined by Chris Hoare of the Paul Rushforth team and Ottawa Mortgage Broker Lisa Theriault for your weekly look into the real estate and mortgage market.
This week on the Real Estate and Mortgage Show, Steve Gregory is joined by Chris Hoare, Sales Representative Selling Partner for the Paul Rushforth team and Lisa Theriault, Ottawa Mortgage Broker and Regional Partner from Mortgage Brokers Ottawa. Topics covered this week include investment properties, taking advantage of low mortgage rates, refinancing, and the holiday real estate market.
Today's low mortgage rates combined with lowered apartment vacancy rates in Ottawa are making now the perfect time to purchase an investment property. The rate of return on investing is unpredictable, while a property is an investment you can live in that consistently builds value.
A listener called this week to inquire about taking advantage of current mortgage rates, even though his mortgage is not maturing for another two years. For those in this situation, it is recommended to compare the possible penalty for breaking your mortgage early with the amount of interest you would save over the remaining term. Penalties can be added to the mortgage when refinancing, and if you are able to keep your payments the same with a lower interest rate, you will become mortgage-free even faster.