26 October 2010
Dreyer Group Mortgages can council First Time Home Buyers on saving for a downpayment. In addition there are many programs for first time homebuyes to help with a downpayment. Dreyer Group can run scenarios on what you can affort and council you on credit criteria. "If you are a first time home buyer and you are renting, with todays low mortgage interest rates (3.44% for 5 Year Fixed and 3.34% for 5 Year fixed for mortgages over $500,000), there really is no reason to rent anymore" says Jared Dreyer, Indpendent Mortgage Broker in Vancouver and Fraser Valley.
Here is a great example:
If you purchase a condo for $250,000
You need to put a minimum down of 5% ($12,500) - this can come from RRSPs' gift or savings
Taking a 35 year amortization and a rate of 3.44%* (5 year fixed)
Your monthly mortgage payment would be $1035.64
*OAC
If you are a first time home buyer, find out how much you qualify for now. Call 604 649-5991 Dreyer Group Mortgage. Vancouver Independent Mortgage Broekrs
