CTV Morning Live: Mortgage Minute - November 3
Frank Napolitano of Mortgage Brokers Ottawa joins Jeff Hopper on CTV Morning Live to look at Investing in real-estate and making the right choices in this week’s Mortgage Minute.
Real-estate doesn’t need to be an overwhelming experience, weighing in on current market statements.
Real-estate is always a good investment, at this time I would maybe caution getting into the Condo market as an investment property. The earlier in life you can invest in real-estate the better, especially with it being so cheap to borrow.
Rates are still at historic lows, even though we have seen them creep up a bit over the last month. You're still looking at a 5 year fixed in the neighbourhood of 2.59% to 2.64% even if you maximize your amortization period to 25 years you still have 50% of your payment going towards your principle. The amount of equity you can build over 5 years is incredible.
Some people say that your mortgage should not exceed 25% of your income; this really depends on your lifestyle. What number would you like to go towards your principle, interest and taxes every two weeks and from there we will calculate which mortgage fits that lifestyle.
It’s a good time to sit down with a Mortgage Broker and make sure you get into the right mortgage that’s within your budget and lifestyle.