Thinking of Buying A House For the First Time....

[i_forget]

This link provides the mortgage rates in Canada since 1990.

Just as a quick look, it looks like things were steady around 7% for a while, but back in the 90s when the chart starts, it was like 14%.

When buying a home, you need to look at what you can afford now, plus see if you can still afford your home in 5 years if the rates were to start to climb. There is a huge difference in payment from a mortgage with a 4% interest rate, compared to that of a 7% interest rate.

http://www.cbc.ca/news/interactives/...e-rates-fixed/

[MortgageQueen]

Here's a little poll taken of First time home buyers and what they "wished" they'd done. .
http://www.vancouversun.com/business...mber_145860881