If you’re interested in buying a house within the next year, you’ll want to make sure that you keep up on all of the latest news surrounding Canadian bank mortgage rates. Gathering information on all of the latest mortgage rate trends is just as important as looking at yourself to make sure that you can afford a house. The Canada Housing and Mortgage Corporation has strongly recommended that potential home buyers carefully evaluate all of the responsibilities that go into owning a home, including mortgage payments and insurance.
Once you’ve taken a look at yourself to make sure that you can withstand any potential financial issues, you’ll want to brace yourself for the news surrounding bank mortgage rates.
- Canada Could Soon Face a Housing Bubble – One piece of news you’ll want to know about before surfing through home mortgage rates is that Canada could soon find itself facing a housing bubble. A housing bubble bursting could impact Canada’s economy the same way that it did the United States in 2008. Because interest rates are already very low, it could be very difficult to weather the storm that this crisis might cause.
- It’ll Be Harder to Qualify for a Mortgage – A few years ago, Canadian lenders were loosening standards, which made it easier for people to qualify for mortgages without having to prove their income. Financial experts are expecting this trend to come to an abrupt halt, as lenders may want to try and avert the bursting of a housing bubble. If you’re looking for the lowest mortgage rates Canada lenders can provide, you’ll need to show more than you did in 2011.
- Fixed Mortgage Plans are On the Rise – When choosing between the different bank mortgage rates that are offer, the main thing you should be concerned with is to find a plan that fits your budget perfectly. Throughout 2011 and 2012, the number of fixed mortgage plans in Canada increased by 14%. When a large number of people gravitate towards a new plan, there’s typically a reason for it. When you sit down to talk with a lender or mortgage broker, make sure you ask about the benefits of fixed mortgage plan.
Like most things, the mortgage industry is cyclical. As a potential borrower, the most important thing that you can do for yourself is to stay informed and try and keep ahead of the trends. If you have a working knowledge of the latest trends and news stories, you’ll be able to make a smarter decision than you would otherwise. Get more on this here.
