Interest rates scaring you?
It is true that mortgage interest rates have come up over the last month. Keep in mind that this is a very small increase, and we’re still in an ultra-low rate environment. We’ve also seen increases before only to see them decrease again. But rates have risen, and we may see some more upward pressure over the next while. Here are some questions I often get.
Should I jump to purchase a home now? If you are ready to buy, I think it is a great time. Interest rates are extremely low and home prices seem to be affordable. But if you are not ready, then I would not recommend rushing yourself just to try beat or predict the interest rate trend. I think rates will be relatively low for quite a while. If you are shopping I can arrange a pre-approval so you’re protected from rate increases while you shop around.
What if my mortgage is coming up for renewal? Don’t feel rushed or pressured by a renewal letter or phone call. Let’s discuss your options. We’ll review your renewal offer together and I’ll shop around to see if it’s really the best deal available. Remember, I can lock in rates up to 4 months ahead of your renewal date. This can protect you or people you know from any rate increases as you approach renewal. Too much other debt? This may be the time to roll it into a new mortgage to boost cash flow and save on interest costs.
I am always open for a talk! You should have confidence in your mortgage strategy and that’s why professional mortgage advice is so critical. It is beneficial to speak with someone who is experienced, reliable and who has access to a wide range of lenders.
iSask Mortgage Brokers