Calgary - Home Mortgage Interest Rates

Well it happened again. The Bank of Canada raised mortgage rates by .25%. The good news is that this doesn't mean the bank/lenders will raise rates on the consumer end of mortgages. However they may. It's a lets wait and see thing!

Even if they do raise rates; how much will it be? How long will it be before they lower them again. The reason I say this is because the news has not been all that great latley so one would think they would want to keep rates low to increase consumer confidence and spending.

The Bank of Canada meets again in October so they may wait to see what happens then. As I understand the banks/lenders don't always base their lending rates on the Bank of Canada. They also take into account other things and spreads that I wont get into right now. Thats for more knowledgable people to discuss with us. We have plenty of Mortgage Experts that we work with; if you need help or have questions - so just contact me if thats the case.

What am I saying? I am saying that you should not panic because of any of this. We will know more shortly and really its only .25%. If you are so tight on money right now that a 1/4% is such a scary thing you probably shouldnt be in a mortgage! In fact I wouldn't be in a mortgage if I was worried about 1 or 2 percent or more either.

Rates will change over the years and if you are gambling your families financial future on your mortgage then you should be renting and that's coming from a Real Estate Agent! Be smart, do not be "House Poor!" Rates will go up one day. Its a good time to buy right now because they and home prices are so low - but only if you can really afford it. When I say "afford it" I mean more than your monthly payment. Im also talking about your job stability, your health, in short your future! Can you really afford it? Most of us can thankfully but talk to a professional to be sure and dont let anyone else talk you into anything!

Most Canadians are not in this type of situation and if you were one of my Clients we would be talking about that before you even bought a home. So I hope that no one has to go through what so many others south of the border are going through. Be smart about home ownership!

Thats it for now; more news, views and Calgary Real Estate Tips will be coming soon. If you have any ideas, or questions feel free to contact me or my team at email: Homes@Telus.net or contact us through our website at; http://www.HomeHelpersCalgary.com

Jim Messner, Real Estate Associate - The Jim Messner & Associates Team - CIR Realty - Calgary, Bearspaw & Cochrane, Alberta Canada.