Langley BC Real Estate - Bank of Canada Lowers their Prime Rate.

The Bank of Canada has made the decision to drop their rates to an unbelievable rate of 2.25%.  For anyone that was lucky and choose a variable rate 1.5 years ago, you will probably be in the rate of prime -0.5% to -1.0% .   If you want to skim through variable or fixed rates and which are better for you, check out my other post  http://www.busyagentpro.com/blog/3348-langley-bc-real-estate-locking-in-fixed-rates-or-keeping-the-variable-rate-are-you-saving-money.html

Now where do you fit in as a buyer wanting to take advantage of some super great deals.  Saving a quarter percent doesn't really change too much as you still have to qualify for the mortgage.  The opportunity here is that you are now paying off your principle loan amount much quicker than you would if you had an interest rate at 7%.  

If you were one of those lucky that got interest rates below prime rate, you are in a great position...  Congratulations, you are contributing more of your monthly payment to your principle.  Paying off your probably your largest debt much faster than originally anticipated.

 Warmest Regards,

Andrew Szalontai - It's all about service
Langley BC Real Estate   -   778.862.5542
andrew@YourPerfectHome.ca
Remax Treeland Realty