A couple of weeks ago, a friend of mine gave me a flyer for a home-buying company called Home Equity.
She was asking for advice on the best mortgage rates.
It was the kind of pitch that you would expect from a company looking to make a quick buck.
It promised to help buyers find their perfect mortgage.
She was wrong.
The Home Equity flyer included a bunch of misleading information.
It said that the average annual rate for a two-bedroom apartment is 2.45 per cent.
The real number, according to the American Housing Survey, is closer to 3.9 per cent—and that includes a lot of subprime mortgages, as well as some older ones that have already seen their rates go up.
But it’s not a surprise that some people would look for the most expensive home they could find.
I didn’t have any trouble buying a home, but the mortgage rates weren’t exactly what I was expecting.
In fact, I expected a more modest mortgage rate.
In most cases, the higher interest rates on the same amount of money are actually lower than the mortgage itself.
That’s because interest rates are calculated on the number of years an individual will be in the same income bracket.
The typical mortgage payment for a single person is about $55,000, and the typical monthly payment for two people is about half that amount.
But that’s because those numbers are used to calculate a fixed-rate mortgage, a fixed rate for life that allows a borrower to make payments at a fixed schedule.
What’s more, most people pay no interest on their fixed-rates mortgages.
Instead, they pay a fee that is based on the rate they earned during their previous 10 years of earning that income.
That fee is called the rate-to-income ratio.
For instance, if you earn $45,000 in 2017 and earn $55 per month over the next five years, your rate-of-return is about 10.5 per cent, or $5,500 per year.
If you earn the same rate of return today, but pay a higher rate, your interest payment will be closer to $1,000.
But for a family of three in a two bedroom, the interest rate is closer at 15 per cent or 20 per cent depending on their income.
As a result, if a person is earning $45 per month, their interest rate will be about 25 per cent over the 10 years.
And a family in a three-bedroom with a $65,000 income would pay $5 per month in interest.
That means they would have to pay an extra $3,000 a year on top of the $5 they already paid in interest for the same mortgage.
But since their income will be higher, the total monthly payment would be about $8,000 more.
This is not the kind a person would want to spend $4,000 on a home if it meant paying for a higher monthly payment.
In other words, it’s a better deal than the one advertised by Home Equity, because it doesn’t have the extra interest.
Home Equity was founded by Peter Johnson, a veteran of the mortgage market, who was one of the early big names in the field.
His firm’s website says he was named CEO in 2008, and his last job was with Bank of America, the mortgage lender that was later sold to Bank of Montreal.
He was also one of Canada’s first bank executives, and he led the bank’s efforts to overhaul the lending industry in the 1990s.
He retired in 2010, but he returned to the field in 2013 with the help of an investment fund called Wealthfront, which he founded to help wealthy people buy homes.
A few months after Johnson’s company raised a $20 million Series B, he announced plans to make his own home-loan company.
Johnson told the CBC News network in November that his plan was to use the money to pay down the mortgage, rather than to fund the loan.
“The problem is that I’m spending my life making money and I’m just not making money,” he said.
So how does he do it?
The Home Equity pitch offered a lot to the average buyer.
It talked about the average American earning a $55k annual salary.
It also said that if you are in the 30-40 per cent income bracket, your mortgage would be a $50,000 mortgage with an annual payment of about $10,000 per year, with no down payment.
It said that an interest rate of 3.99 per cent was typical, which is a very low rate.
It even said that most mortgages are less than 3.95 per cent and that you could pay it off in two years, or you could wait three or four years.
If you’re not a millionaire, Johnson