With interest rates actively on the rise and more potential rate hikes by the Bank of Canada on the horizon this summer, what does a homeowner or soon-to-be homeowner do?
You are likely one of the three people mentioned below:
1) You are shopping for a home and can’t decide if a fixed rate or variable rate is best
2) Your mortgage is up for renewal, and you can’t decide to “go fixed” or “go variable”
3) You are in a variable term and wonder if you made the right choice
So, what are your options?
-Stay the course?
-Lock into a fixed term?
-Sell, cash out and move to Costa Rica with your newfound windfall?
There is a lot of media hype that clouds our financial judgment when it comes to something as important as our mortgage and home. Most of the time it makes sense to “stay calm and carry on”, as the mantra goes but that can be easier said than done.
To ensure you are in the right place financially, a 15-minute mortgage assessment with your mortgage broker will help you confirm you are financially secure so you can get back to what’s most important in life: enjoying where you choose to live and spending quality time with your loved ones.