There has been a lot of talk about the rise in interest rates over the last several months, and I wanted to find out more from an expert on how things have changed now, and how its going to affect buyers in the future.
Michael King is a Mortgage Specialist with BMO here in Calgary, and I had a chance to sit down with him and discuss it.
So let’s start with the latest change to the interest rate in Canada. Where are we now?
How have things changed over the last year or two?
Can you explain the difference between the Prime Interest Rate and a Mortgage Interest Rate
So this will affect the “stress test”?
What does this mean for someone looking to get pre-approved for a mortgage?
Will this affect a person’s buying power and how much they can borrow?
Where does the “stress test” come from and how is it being regulated?
When a client is pre-approved for a mortgage, how long is that good for?
Do you have some advice for anyone that has a current mortgage or anyone looking at getting a new mortgage?
What would you say is the first thing that someone has to do when looking at buying a new home?
If you’d like more information about the topics discussed here, or if you are looking for some sound advice about Real Estate in Calgary and surrounding area, please call me today!
Bruce Voigt – REALTOR
RE/MAX Rocky View Real Estate