Canadians are worried about rising prices and interest rates, but that’s not stopping many from entering the housing market.
What's the biggest worry among homebuyers these days? On the top of the list: an overwhelming mortgage payment, according to recent research from the Home Buying Institute.
Seven in 10 prospective homebuyers said they were worried about paying more than their house was worth or still being able to afford it should interest rates increase — a development that most economists feel is inevitable after years of historically low rates.
The numbers look something like this:
- 37% worried about ending up with a mortgage payment that's too large.
- 23% feared they might pay more for a home than it's worth.
- 16% were afraid of losing their jobs after taking on a mortgage loan.
- 10% were concerned about buying a home with major structural problems.
- 5% were afraid of choosing the wrong type of mortgage loan.
- 5% feared another housing bubble-and-bust cycle.
Sound familiar? Good. Because these are real issues, says Home Buying Institute CEO Brandon Cornett. It is, however, possible to protect yourself. Click here for some home buying tips to alleviate your fears.
Source: Home Buyers Guide MSN Money
How can I help?
Comments