4 homeowning lies we tell ourselves

September 19, 2011
By Krystal Yee


Here are four lies we often tell ourselves to justify home ownership:

The bank wouldn’t lend me that mortgage if they didn’t think I could afford it: Unfortunately, the bank isn’t your friend. They are in the business of making money for their shareholders. They are perfectly willing to lend you more than you should borrow. Why? Well, because you’ll likely cut out your retirement savings, vacations, and that new car you’ve been wanting, rather than default on your mortgage. And the bigger the mortgage, the bigger your interest payments to the bank.

CON'T READING...

Mortgage Rates Remain Low

Several economic indicators unveiled last week continue to demonstrate our economy is not experiencing the rebound that was expected....Jobless data revealed last week surprised the market....being quite a bit weaker than the forecast.

Earlier in the week, Bank of Canada Governor, Mark Carney provided an update and outlook from his perspective, leaving many economists confident that we will not see the Central Bank Rate rise until some time next year. The rate continues to hold steady at 1% with Prime at 3%. In light of data released on Friday, some economists are optimistically predicting a decrease in this key benchmark rate before the end of this year.

Could this be the norm moving forward???

On the mortgage side, rates remain LOW.... 5 year fixed mortgages at 3.59%.....Variable closed is at 2.35%

Investing in Durham Region Real Estate is Paying Off

Local prices up over last year

DURHAM -- While sales are down, real estate prices are up in Durham Region.
In July, homes sold for an average of $329,956, an increase of 11.2 per cent over last July, according to the Durham Region Association of Realtors. "Sellers are still seeing strong price increases for their homes, making real estate in Durham Region a great investment," said Dierdre Mullen, the association's president.

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