How much home could your rent buy?
The days are getting longer and mortgage rates are wonderfully low as we move into spring housing market 2012! In fact, homeowners are locking in some of the lowest rates in history. This Great Canadian Mortgage Sale is a good time to take a look at how much mortgage you could afford given your current rent. Your dream home may be more affordable than you think!
| Rent Today | Mortgage Tomorrow* | Home Purchase |
| $1,250 | $290,176 | $296,861 |
| $1,500 | $348,211 | $356,233 |
| $1,750 | $406,246 | $416,606 |
| $2,000 | $464,281 | $474,727 |
Your monthly rent cheque doesn't have to be money out the window. It could be building equity in your own home.
Keep in mind that home ownership involves costs beyond the monthly mortgage payment like utility bills, insurance, and property taxes. We can help you determine what you can comfortably afford.
*Assumes 30-year amortization, 5% downpayment, 2.95% mortgage insurance premium, 5-year term, 3.19%, OAC, subject to change. For illustration purposes only.
No comments:
Post a Comment