Walk a Kb or Two in my Moccasins- Nobody 'splained it to me like that!

Simple answers to Complex Questions and Complex Answers to Simple Questions. In real life, I'm a Greater-Toronto (Canada) Realtor with RE/MAX Hallmark Realty Ltd, Brokerage. I first joined RE/MAX in 1983 and was first Registered to Trade in Real Estate in Ontario in 1974. Formerly known as "Two-Finger Ramblings of a Forensic Acuitant turned Community Synthesizer"

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Sunday, September 12, 2010

Should you go with a short or long-term mortgage?

Q.......Should you go with a short or long-term mortgage?

from Zoocasa ASK the PROs

A.....Robert Ede

Sept 12/2010

Rates are very close to the all-time low and will be low for 6-12 months before creeping up very slowly

NB Bank Prime s/be 4%+ CPI inflation

Take a variable prime less 0.5% to 0.9%

Take a 25 yr ammortization but make payment equal to what you would have been paying on a 5yr fixed.

You'll be amazed in 3yrs when you see how far ahead you'll be in principal repayments


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