A lot of people may have heard that mortgage rates are set to increase this year and that can understandably cause families to feel hesitant when looking to buy a home. Daytona Homes wants to help address this hesitation by putting the rate increase into better perspective and help you make informed decisions about buying a new home.
Every major bank has raised their interest rates by 15 points. On a single-family home like our Scion, that means about $14 more a month for a mortgage payment. When you calculate the sum of this over time, it adds up to about three lattes a month.
Karen Pacheco, a mortgage planner from Mortgage Architects, says, “Banks and lenders are raising their rates, but we still have lenders that are offering rate specials that are allowing buyers to keep their payments down. Some lenders are also offering debt servicing exceptions on uninsured mortgages (20% or more down payment) and some will allow us to bring in other forms of income such as child tax credit. Each application is different and needs a professional to look at all the angles but finding the best rate, term and options for each individual applicant is what we are here for.”
We know that the fear of not having enough is very real. It takes a lot to get into a home, and you deserve to know that the home you choose is the right one for you financially and otherwise.
A mortgage rate increase might sound scary before you dive into the details and it’s completely fair for people to feel that way. But looking at those changes in reality can help to give you some perspective into how they may (or may not) be affecting your ability to purchase a new home now or in the near future.
Daytona Homes wants to help you into a new home and still have your lattes. We don’t have to feel intimidated by the news about these changes, but the finances can be confusing, so it’s best to check back at sources you can trust to give you the whole picture.
Daytona Homes wants to make this journey as enjoyable as possible for you. That why we have professionals and partners that we work with to make the journey simple and real. If you are ready to get into a new home, talk with our online counsellors on the website, or get in touch with our sales consultants.
If you feel you might need some more support through the process, visit Daytona Financial Services to get the information you need and use our calculators to get a good read of the financial side.
Owning your new home is possible, and the time is still in your favour to get into one.