Property prices declining…..what to do with your mortgage
Well we have all seen the reports that property prices are declining. Although we know the press likes a good story, and decling property prices do make a good story these days, there is truth to property values decreasing, by how much in Mississauga, that is not clear. Even if only half the stats are true about declines, as home owners in Mississauga it is still prudent to reflect on how this might affect us. I hope this helps you to review your mortgage status so that you dont stand a chance of loosing your home when it comes to refinancing time. This is particularly applicable to those of us whose mortgages are up for renewal in 2009 or 2010.
If you have more than 30% equity in your home and your credit is good you should not have a problem getting a mortgage. However, if you have less than 20% equity in your home I will write a series of articles to help you protect your home, which is probably your greatest asset. Stay tuned for more shortly or give me a call to discuss!
