Hello Blog Readers,
I'm really encouraged by the current trend of falling interest rates. I just renewed my own personal mortgage last week. We managed to negotiate a full .9% off of prime for a closed 5 year variable rate mortgage. That equates to 3.85% and prime is projected to fall even further.
This provides great opportunity for income property ownership too. Provided one has enough equity, it's possible to borrow at rates that would cost just over $500 per $100,000 borrowed. It would be possible to purchase a typical 2 bedroom apartment with virtually no money down and have the rent almost cover your mortgage payment. It's a bit of a forced savings scheme.
Check out my website for more info on the Coquitlam real estate market. Also see me for the Port Moody real estate market and the Port Coquitlam real estate market.
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