Why use a Kelowna Mortgage Professional

There are hundreds of products available to consumers. Let me do the shopping for you. I can often get you a better rate than you at your own bank. Best of all (except in the most challenging of circumstances), my services are free to the client.

Wednesday, December 23, 2009

Flaherty considering measures to cool housing market. What does it meen for Kelowna

If our federal finance minister Jim Flaherty follows through with his warning to cool off the housing market; more people will have a tougher time getting into the housing market in Kelowna.

He is worried that homeowners may find it too difficult to cope with their mortgage payments if the rates have gone up by the time they renew their mortgages in 5 years.

He is talking about raising the minimum down payment needed and possibly lowering the amortization period.

I for one hope he does not do anything. The housing market is one of the brightest segments of our sagging economy at the moment and only 4% of mortgages originated each year are with clients using only 5% as a down payment and taking the longest amortization at 35 years.

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Dave Lytton
Dominion Lending Centres Kelowna
Toll Free: 1-866-862-5040
Tel: 250-862-5040
Cel: 250-862-6630
E: dlytton@shaw.ca

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Keowna Mortgage Broker - Dave Lytton