Their youngest has just left the nest. Jocelyne and Jean-Luc are in the mood to travel and enjoy some well-deserved R&R. Mowing grass and shoveling snow are not part their retirement dream.
They fall in love with a beautiful downtown condo with magnificent city views, but it costs considerably more than the value of their current home.
The market value of their bungalow is approximately $300,000 and their dream condo costs $400,000. At their age, they are not looking to take on large monthly payments. Rather, they want to take advantage of their good health to travel as much as possible.
Jocelyne and Jean-Luc still have a small mortgage of $50,000. Since they wanted to pay it off quickly, they were paying $900 per month.
Take a look at what Jocelyne and Jean-Luc chose to do after our meeting. They buy the condo using a $250,000 down payment coming from the sale of their bungalow. That leaves them with a new mortgage of $150,000 on their condo. They choose a 10-year term of 3.59*%, amortized over 20 years at a cost of $888.47 per month. As a result, they can rest assured for the next 10 years, knowing that their monthly payment will not surpass the $930 they are accustomed to. This also allows them to draw up a stable budget permitting them to travel as often as possible, while still enjoying their luxurious condo. No more grass to mow, no more snow to shovel… Total relaxation with a beautiful downtown condo!
Do you know anyone looking to sell their home and free themselves up?
Refer them to me and I will take care of it.
*Rate available on November 7th 2016
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