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Non-traditional mortgages... are they worth the hype?
There's a lot of talk lately about non-traditional, customized, private, long-amortization and what-have-you mortgages and what that might mean for the Canadian Real Esate market and Economy given what is presently occuring in the United States. So, is there anything to worry about? Do these new ways of financing homes provide wider opportunities for people who wouldn't otherwise be able to won property... and is that ultimately beneficial for them? Who knows?
Well, for one, not me. The real problem with many of these newer and rickier mortgaging options is in relation to the consumer who they are given to. A 30 or 35 year amortization on a mortgage could be a great opportunity for a potential home buyer who wants to get into a larger home than they could otherwise afford... saving them the cost of moving again (boo from all us Realtors ;o) and still providing the opportunity to increase payments later on when income has risen of money is available to shorten that amortization. But, on teh other hand, if the consumer just keeps blindly paying the minimum payments they risk spending thousands and thousands of dollars that they simply can't see. So is a longer amortization good for ... more

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