Image: Ottawa: Bank of Canada/Taxiarchos228/CC BY-SA 3.0
Considering the Bank of Canada’s recent decision to maintain the prime rate unchanged, how might this affect your plans for purchasing another property or renewing your mortgage in the next year?
Here are some options to consider:
Mortgage Rate Float Down Option
Ideal for those renewing mortgages or planning purchases within 120 days, potentially saving Canadians an average of $10,000 on their upcoming term.
Assess Shorter vs. Longer Terms
Both carry their own risks and benefits, so evaluate which suits your situation best.
Determine a Comfortable Monthly Payment
Keep in mind the possibility of market instability in the coming years.
For more details, please book an appointment with Paul by clicking here.
