Mortgages in Ontario Canada
Many Canadians are still living paycheck to paycheck with little hard cash in savings. Getting a mortgage in Ontario when cash is tight requires the help of a professional mortgage broker who can help you assess your situation and determine your mortgage options.
Mortgages in Ontario Canada are available to qualified home buyers at extremely low rates, so having verifyable savings and income can lock in the lowest possible mortgage rates.
A full one fifth of all Canadians incomes goes toward paying down some form of debt. This type of leverage cannot be helped with any further expected declines in interest rates, since rates have already arrived at record lows.
For those contemplating a home purchase down the road, it is best to start saving now in order to present a more favourable picture when the mortgage application is due. Having credit and finances in order will reflect positively on your credit score. This in turn can help you get the lowest possible interest rates potentially saving you thousands of dollars over the lifetime of a mortgage loan.
Sales of existing home in Canada for August, 2010 actually increased. The nationwide statistic showed an increase across Canada of the sale of existing homes excluding new construction up over 4%. The average price of a home in Canada remained about the same as it was this time last year. Some are expecting the Canadian housing market to cool somewhat in the months ahead as interest rates are poised to rise in a tightening job market.
However, it is anyone's guess as to how the housing market will behave in the traditionally strong Spring market. One thing is for certain, if you are thinking about buying a home and need a mortgage, current mortgage rates are still near record lows which makes home ownership more affordable.
Yourmortgageoptions.ca is a Canadian Mortgage Specialist serving Southern Ontario, Canada.
