Hi Russell,
Shouldn`t the payment for the 40 year amortization period be less??
Thanks,
Heather
QUOTE (RussellWestcott @ Jul 11 2008, 11:18 AM) Hello everyone, we have Peter Kinch on the hunt to dig up all the information, as he is very well connected in the industry, and he will be presenting all the findings next week at the BC REIN™ meeting.
After the meeting we will then post for everyone all the details of the proposed changes, or perhaps I`ll get Peter on a webcast for all REIN™ members to hear the details.
Stay tuned, take a deep breath... during times of change in policy, there are opportunities if you are informed educated and take advantage of your education. That`s why everyone should attend the monthly REIN™ meetings, listen to your CDs, keep active on the discussion forums, that way you will stay ahead of the curve and be able to take advantage of the changes.
Interestingly enough a year ago there was only 25 year amortizations, now after the changes we still will potentially get 35 year amortizations...
Couple quick numbers:
$100,000 mortgage
5.5% interest
Payment based upon 40 year amortization = $532.96
Payment based upon 35 year amortization = $511.56
looks like a $21.40/ month difference in monthly payment for $100,000 mortgage.... hmmm, I know who I will be sending the bill for the increase in monthly payments to... my customers (non rent controlled markets), plus these changes can potentially help create more customers for our rental properties. Supply of potential tenants goes up
.
As mentioned we will get all REIN™ members further information as it becomes available.
Cheers