I just want to provide a head up for anyone who may be in the market for an upcoming mortgage and who may not be watching the Bank of Canada announcements or long term rate predictions. If you haven’t been following them closely, they are still near the lowest in History however this will not last much longer!!
My office, Neighbourhood Dominion Lending Centres, looks at rates from 50 different lenders: Banks, Trust Companies and Credit Unions in Canada everyday, and we follow rates and trends very closely. One thing I can tell you for certain is that RATES WILL DEFINATELY BE GOING UP, and some industry professionals think substantially.
It may be worthwhile to have a quick look at your existing mortgage, to see if it makes sense to refinance or renew early. We’re finding that even when there is a penalty for paying out your mortgage early, you can typically lower your payments and save thousands of dollars of interests over the term.
The other important thing work considering is refinancing your mortgage to pay off debt. It seems like today EVERYBODY HAS THEIR SHARE OF DEBT, whether it is on credit cards, personal loans, or lines of credit.
Most consumer debt is at a much higher interest rate, so we can probably consolidate it all into a single payment, save you several hundred dollars per month on your payment, and SAVE you thousands of dollars in interest. Why make several different payments each month and throw away tons of money in unnecessary interest when rates are so good?
Please feel free to contact me for a second opinion on your mortgage and make certain you have the best rate and mortgage available.
firstname.lastname@example.org or 705-720-1001 ext 226