On January 26, the Bank of Canada announced that it would continue to hold the overnight rate at .25%. Rate hikes, however, seem all but inevitable in the near future. If you are considering refinancing or have a variable-rate mortgage a proactive approach is far better than a reactive one – let’s have a conversation now before rates begin to increase further, so you have plenty of time to weigh all your options.
If a new home purchase is on the horizon, we strongly suggest getting a mortgage pre-approval. Knowing exactly how much you qualify for and what your interest rate and payments will be takes the guesswork out of the equation. A pre-approval locks in your rate for anywhere up to 120 days, depending on the lender, so you’re protected if rates do increase, which economists are predicting is likely. You’ll also be spared the disappointment of falling in love with a home you can’t afford and once you find the perfect home within your budget, you can bid with total confidence.
We’re here to help you achieve your short- and long-term home ownership and wealth building goals. Get in touch with the team at MiMortgage.ca anytime!
