Many aspiring homeowners see a land contract as the answer to their prayers, but mortgage experts and lawyers say they almost always result in financial calamity. “Land contracts and leases with option to buy are both costly and destructive detours that diminish the likelihood that consumers entering these contracts will ever own a home,” said…
Experts Warn Private Real Estate Deals Offer Low-Income Homebuyers False Hope
Private Real Estate Deals Offer Low-Income Homebuyers False Hope, Experts Warn
Many aspiring homeowners see a land contract as the answer to their prayers, although mortgage experts and lawyers say they almost always result in financial calamity. “Land contracts and leases with an option to buy are both costly and destructive detours that diminish the likelihood that consumers entering these contracts will ever own a home,”…
Low Interest and Mortgage Rates Incentivize Buyers—But What About the Future?
News Analysis Anticipation of higher interest and mortgage rates in 2022 provides an incentive to buy now, although concerns remain about affordability of mortgage payments once rates go up in the future. The Bank of Canada has indicated that it will raise interest rates as early as the second quarter of 2022. An economic study…
Mortgage Debt Could Weigh Down Economy When Interest Rates Rise
News Analysis Canada’s major banks, institutional investors, and homebuyers took on more risk than normal during a prolonged period of low interest rates, a distortion that may have a cruel correction as interest rates rise to curb inflation and some households struggle to handle higher servicing costs on their mortgages. Respondents to the Bank of…
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