(Closed) Possible Amortization Changes

posted 5 years ago in Home
Post # 4
Member
776 posts
Busy bee
  • Wedding: November 1999

I didn’t think you could get 30+ any longer.. I’ve been looking at 25 years myself. 

Post # 5
Member
1654 posts
Bumble bee
  • Wedding: August 2015

I also didn’t think 30+ was still available. And I’m also looking for 25 years, but 30 would have been great. Just for that extra wiggle room.

Post # 8
Member
821 posts
Busy bee
  • Wedding: September 2013

Problem is, even if the bank takes the risk eventually, depending on how many people go for the higher amortization period mortages, the banks end up in trouble and the government has to bail the banks out so that the economy doesn’t end up in a full depression.  AKA US style.  I’m actually very much for liminting the terms.  Right now because interest rates are relatively low the house prices are quite high, in fact, much higher than what most peoples income are like (depending on the region).  I think as house prices start settling down because of these policies then the effect can be better appreciated.

 

Post # 9
Member
776 posts
Busy bee
  • Wedding: November 1999

Ah I see – I always assumed mine would be insured. Good to know. Personally it doesn’t bother me.. I think it’s a good thing to tighten the rules. I can totally see where you’re coming from but the current climate is such that client facing banks are focused entirely on sales, too many people don’t do enough research on their own to figure out what they can afford, so the government needs to step in to protect people from getting in over their heads.. Especially when we’re looking at interest rates potentially increasing in the near future. 

Post # 12
Member
5950 posts
Bee Keeper
  • Wedding: April 2013

I’m on the other side of the fence.  Because I’m not a home owner, these types of rules benefit me.  Esentially they keep home price inflation in check.  And in Vancouver, we need it.  And of course, it potentially creates a more stable economic environment, such as what we’ve enjoyed in Canada while the USA went through turmoil becuase of all it’s loosey-goosey rules.

Of course, if I already owned a home I might be whistling a different tune.  

The topic ‘Possible Amortization Changes’ is closed to new replies.

Find Amazing Vendors