I heard from a busy lender today that lots of first-time buyers are calling her seeking mortgage approval to take advantage of the excellent buying opportunity right now in Edmonton. Half the homes sold so far this month sold for less than $300,000, and rates as low as 4.34% are available on five year term mortgages. Opportunity is definitely knocking!
A couple earning a combined income of $70,000 may qualify for a $300,000 mortgage (assuming property taxes of $2500 a year and no more than $600 in other monthly debt payments). That buys a good property in this market, and payments of $1,381 (principal and interest) are comparable to what you might be paying in rent!
Mortgage details provided courtesy of Yvonne Wilchewski, AMP, Lead Mortgage Planner, Mortgage Architects. Contact Yvonne at ywilchewski@telus.net to find out how much you can comfortably afford!
