CTV News - Mortgage Minute
Mortgage expert Frank Napolitano talks with CTV Morning Live's Kurt Stoodley about how the federal budget could affect mortgages and home sales.
On this week’s mortgage minute, Frank Napolitano and Kurt Stoodley discuss the impact of the federal budget on the mortgage market. Typically, changes to the mortgage market are unlikely to be made during a federal budget. However, Mortgage Brokers are staying informed of possible changes in the future, such as shortening amortization periods, raising minimum down payment requirements or requiring clients to qualify for posted mortgage rates, rather than the rate they will receive.
Despite the concern some seem to have, the Canadian mortgage market has stayed resilient. Mortgage Brokers Ottawa is still offering fantastic packages and rates, including a ten year mortgage at 3.89%, which many major lenders are not currently offering. This mortgage is portable and assumable, and allows the client prepayment privileges. The flexibility of this plan allows first time buyers to take advantage while rates are low, and keep their options open.
Watch the full video from CTV Morning Live here.