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Stop Paying Rent in Vancouver, BC

on 03 February 2016
Stop Paying Rent in Vancouver

With the lowest mortgage interest rates in history and a large volume of well-priced condos for sale throughout the Lower Mainland, this is the best time for renters to find a Vancouver mortgage broker and get into the real estate market. If you want to stop paying rent in Vancouver  then call your mortgage broker.

Here are some numbers for you to consider:

How far can Vancouver rental dollars go?
Monthly Payment Purchase Price
$ 740 $ 160,000
$ 920 $ 200,000
$ 1150  $ 250,000
$ 1840  $ 400,000
 
How much Vancouver income is needed to qualify?
Monthly Payment Gross Yearly Income
$ 740 $ 44,000
$ 920 $ 51,000
$ 1150  $ 60,500
$ 1840  $ 87,000
EXAMPLE

If a condo is purchased in Vancouver for $250,000, a minimum down payment of 5% ($12,500) is required. This can come from RRSPs' gift or savings. Taking a 25 year amortization at a rate of 2.89%* (5 year fixed), the monthly mortgage payment would be $1150!

 In 30 seconds you can apply for a low interest mortgage rate so you can buy a condo and stop paying rent in Vancouver!

 

*Note: Mortgage amounts and income amounts quoted above based on standard mortgage terms of semi-annual compounding, not in advance, monthly payments, 35% GDS, 25 year amortization, 2.89% interest rate. 5% minimum down payment required. Income qualification is approximate and does not include property tax, strata fees or other liabilities. For example purposes only. OAC

For more information on qualifying, call us 604 669-6009 or 1-800-687-9020