Did you catch Ryan Bamford on CTV Morning Live on October 7th?
Real Estate Demand:
- The market has low inventory
- Unprecedented low interest rates
- It’s a good time to sell
- If you are looking at buying – you might want to wait depending on your personal situation
Mortgage Deferrals:
- Banks gave 6 months relief during COVID-19
- These deferrals have to be repaid
- It would be wise to talk to your specific bank as every bank will be different and all repayments will be different
Repayments:
- Lenders add principle and interest for the deferred months
- Sometimes amortization periods are extended
- Sometimes monthly payments are being increased
- If you have extra money it would be wise to pay a little more and get the mortgage payments down
- The City of Saskatoon is equalizing payments for
Refinancing:
- Banks will look at loan to value ratio
- Principle and interest added to loan
- Typically this will be at a higher price point
As always, if you need help buying or selling your house, do not hesitate to contact Gregg Bamford or Ryan Bamford.