New mortgage borrowing rules proving chaotic
in the sand will only alienate the lender. Talking it through will provide the solution that will protect your capital.
Lo-Doc borrowing – where businesses or self-employed are unable to supply recent financials, and want to expand, pay tax, restructure etc, traditional bank lending may or may not work. A broker has more strings to pull than a puppeteer and will know where these deals fit. Preparing for future shocks: Mortgage rates have been low for so long that many of us have been lulled into a false sense of reality.
Taking out a mortgage now, you should be thinking of affordability in two to three years time if rates are around 8.5 per cent. Also you want to adopt a strategy around fixed and floating rates that will help you kill off the monster more quickly.
The magic bullet is systematically plonking more money into the debt and using the right sort of banking facilities to be more efficient in the way your money is handled. A few coffee shops and clothing stores could go bankrupt if everyone did it, so you can always continue being magnanimous by giving to others rather than yourself. Impact of higher interest rates: A $400,000 mortgage over 30 years at the current published floating rates of 5.75 per cent would cost $2335 per month. If the rate goes to 8.5 per cent, that same loan will cost $3076 per month. Then of course you have