I was talking with a client the other day and it came to light that what some of us in the Real Estate industry take for common knowledge is in fact not. I am talking specifically about Canadian mortgage terms. Most people are familiar with 1,2,5 and even 10 year fixed terms for their mortgage but not 18 and even 25 year fixed terms! Yes during my conversation with a client he had mentioned "I wish mortgages were like the old days of my parents he said, the days when you had the same mortgage payment and rate for 25 years." It was at that point I realized that it was not common knowledge that 15, 18 & 25 fixed terms are available and in fact as of this posting you can get 25 year closed for 6.13% and if we went back a few months they were as low as 5.7% which was even lower than our parents in the 'good old days'.
Have a great day.
Labels: Dean Birks, Mortgage terms, Prince George Real Estate, Tips