How Interest Rates Affect Buying a Home in Calgary
Are you thinking about buying a home in Calgary ? You're not alone. With its beautiful scenery, growing job market, and vibrant communities, Calgary is a top choice for many homebuyers. But before you make the big move, there's one crucial thing to consider— interest rates . Interest rates can make a huge difference in your monthly mortgage payments. They affect how much house you can afford and how much you'll pay over time. Understanding how interest rates work is key to making a wise buying decision. This blog will discuss how interest rates impact buying a home in Calgary . We'll keep it simple, clear, and straight to the point. Whether you're a first-time buyer or looking to upgrade, this guide is for you. How Do Interest Rates Work? Let's start with the basics. When you get a mortgage, your lender charges you interest. This is the cost of borrowing money. The interest rate you get depends on a few things: The Bank of Canada's rate The type of mortgag...