Higher home prices & higher interest rates
What people looking to be homebuyers can expect from the current home market headlines in the mass media?
Now that higher home prices & higher interest rates (slightly) than last year’s are becoming rout news, and while the Bank of Canada has kept interest rates with no changes (for now), some people who are currently looking to become home buyers may feel some level of distress even to look deeper into their real financial situation and learning about their possibilities to be approved for the much-needed financing to purchase their home and finally stop renting.
To understand that distress, one needs to consider that salaries and general income have not increased in the same proportion as the home prices in the Greater Toronto area, yet understanding may not be enough to help people become homebuyers, more needs to be done.
As the mortgage interest rates are also climbing, when being factored, this is perhaps the one factor that should worry the least for now since even after their increase, they still remain very low.
The distress turns from mild to moderate or perhaps severe when is known that renting a home is not cheaper and that available inventory is not even there to satisfy all the needs at a convenient rate for a hard worker two income family who sees that years pass by along with their dream of homeownership
What can certainly help people in this huge financial distress is knowledge,
Media coverage of home prices and affordability are meant to be headlines and run on average tilting at times to stress on the highest levels of the home sales transactions, a sense of impressionism has to be included in that coverage to satisfy ratings that certainly lead to help advertising sales.
Not every family’s financial situation is the same, in fact, every family’s financial situation is unique, is different; Knowing exactly what is or not affordable, what is or not approvable, what is or not convenient, is what matters and what can remove this kind of distress in this kind of situation.
The knowledge of the real possibilities to become a homebuyer can be obtained through the practice of a mortgage assessment which is offered free of charge with the intention of building a customer-service relationship.
A decision of whether to continue renting or to buy a home should not be taken lightly and certainly not without fundament nor fear.
Exploring the possibilities regardless of credit should not be considered a waste of time. The importance of mortgage assessments in the process of home purchase and financial peace of mind, but they are distributors or content, so here is their content
Will opportunities to become a homeowner be better or worse in a few years from now?
The importance of mortgage assessments in the process of home purchase and financial peace of mind is huge, and more people should know it. share it if you will.