Home Mortgage Changes
The concept of a mortgage has changed a lot since its inception. If you are looking for homes for sales in Edmonton or Vancouver real estate, you will want to know as much as possible about mortgages, enabling you to find the right one to help you buy your dream home or other property. Over the last decade, we watched a housing bubble rise and then burst, causing a number of important changes to how mortgages are dealt out and how they are regulated.
The first big change? More and more mortgages require buyers to put down a serious chunk of change before they can obtain that loan. Before the recession, many buyers were either not making a down payment or they were making a very small one. Today, more buyers are putting down a larger down payment to secure their home.
The other big change has to do with the median mortgage amount. For Edmonton real estate and Vancouver real estate, the median mortgage amount has actually dropped significantly over the last decade and is only now starting to rise, indicating that now is a great time to get a mortgage in these parts of Canada! Check searchcanadahomes.com for properties in Edmonton and Vancouver.