Canada’s record low interest rates are in their final days. You may already be aware that several Canadian Banks have increased their mortgage rates on their 3 and 5 year mortgages.
Industry watchers have been speculating that this may be just the beginning. You can count on Prudent Financial to provide you with information and current news that will help you prepare for the upcoming rate hikes.
In anticipation of speculation that the Bank of Canada is planning to raise interest rates, incrementally and across the board, the major banks are reacting by raising rates on some of their products and services now.
When interest rates go up, you have to be prepared to make fast decisions. The nervous consumer may want the security of a five year (or longer) fixed rate mortgage. While the consumers who have a higher appetite for risk may choose to ride the market and go with a variable rate mortgage.
Here are some quick points to keep in mind before choosing your mortgage:
1. Be careful when shopping around for a mortgage that you don’t apply all over the place or these inquiries will drive down your credit score.
2. Lenders want to keep your business, don’t take no for an answer they may see it your way.
3. Find out about all the mortgage prepayment privileges.
4. Review accelerated amortization options to shave years off of your mortgage.
Prudent Financial is dedicated to helping you build strong credit and also providing you with the information and tools that you will need to obtain a competitive mortgage.
Prudent Financial is dedicated to helping you build strong credit and also providing you with the information and tools that you will need to obtain a competitive mortgage.
For more information visit http://www.facebook.com/prudentfinancial
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