Last Wednesday’s announcement of a 25 basis point rate hike was disappointing. We’re all looking forward to lower mortgage rates in the future. The question isn’t IF rates will decrease – it’s WHEN.
Some savvy soothsayers (a person who predicts the future by magical, intuitive, or more rational means) say to expect lower rates late 2023, others say early 2024. No one knows for sure. In the meantime, here are some of the things you can do while you, and the rest of the country, wait for the next review on July 12th.
6 Things You Can Do While You’re Waiting For Mortgage Rates to Drop
- If you have a fixed rate mortgage, your existing mortgage rate stays the same and is ported*. Should you require any additional financing, the interest will be a blend of your existing mortgage and the new money you may require. (*You can’t port your mortgage in the last year of your term i.e. in the 5th year of a 5- year mortgage. )
- If you have a variable rate mortgage, you may be interested in converting your mortgage to a fixed rate product. This is something that may make good financial sense for your unique needs.
More Seriously Smart Ideas
- Having a conversation with a mortgage professional (like me) can help give you peace of mind! I’m a simple email or phone call away.
- At renewal time, shop your mortgage for the best rate possible. Be confident. Explore all of your options. Remember, mortgage brokers have access to an impressive network of lenders, including major banks, trust and finance companies and credit unions. One last thing that’s worth repeating: mortgage broker fees are paid by the lender, not you.
- Did you know that you can transfer a standard mortgage upon renewal without any cost? If that comes as a surprise to you, we should definitely talk.
- If you have a collateral mortgage (a mortgage with a line of credit component), the cost to transfer would be approximately $1,200. Some lenders even offer incentives for your business!
Your mortgage matters. Let’s talk!
Phenomenal Fun Family Picnic
We’re now boasting about each and every one of our 9 grandchildren shown here, posing so angelically. They are an amazing bunch and we feel very blessed to have them in our lives!
Running For Rachael 2023
10+ Years of Building Hope!
5K Walk/Run
Sunday, September 24, 2023
Registration at 8:00 am
CF Lime Ridge, Hamilton
Learn how you can help! (you don’t even have to walk or run to make a difference!)
Suicide prevention is everyone’s responsibility.
