Interest Rates?? What's HAPPENING! 🤔
Updated: May 5, 2020
THERE IS SO MUCH HAPPENING RIGHT NOW!
Wondering what you should do?
As you know, a variable rate Mortgage and/or line of credit mortgage is based on the Prime Rate, here is your personal update from me on the recent Bank of Canada announcement.
At 9:00 AM EST July 10th the Bank of Canada did what we expected, left the interest rate at 1.75%
We still are RECOMMENDING if you have a variable rate, to remember WHY you took your variable, so here are a couple of reasons to stay Variable or move to fixed:
+ Maximum 3 month interest penalty to break, re-finance, move etc.
+ Likely you are still paying a lower interest rate
+ Rates can go up and can go down
+ Options to SWITCH to other lenders mid-term to save money at lower cost
+ You want a "sure thing" payment for next few years and potential payment changes keep you up at night.
+ There is little to no chance of you making any changes on your mortgage during the term
+ Aren't likely to try to access equity, add a line of credit or make any other changes.
If you currently in a mortgage or nearing the end of your term now is the time to review options like borrowing against your equity or renewing to lock into a lower rate. Contact Us to Discuss these options
Remember: Rates are STILL very low and it is STILL a very good time to Re-Finance or Buy.
As always, if you know of anyone else that could use this same type of ongoing advice and support recommend them to us we would love to help them as well.
Any other questions? Feel free to reply and we'll respond at our earliest opportunity!
When You or someone you know is considering a move, paying out debt, switching lenders or just have any general mortgage questions make sure to CONTACT US right away! We're NEVER too busy to support your wealth journey 😊