to have a look at your mortgage interest rate. We've been warned-interest rates will be going up. What can you do about that?
If you're a Buyer still searching for you new home, you can check with your bank or mortgage broker to find out how you can update your rate hold to secure the lowest rate for the longest period of time. We know it takes a while to find a new home with the current low level of listings. Typically lenders hold rates for 60-90 days so find out how can you make the most of a rate hold.
While you're speaking with your rep, you could also discuss fixed versus a variable mortgage. What best suits your needs? In today's Globe & Mail Business, Robert McLister wrote about the 2 mortgage products.
There are a lot of good reasons to go with a variable & the best one is that the variable wins over the next 5 years.
Always stay in touch with your mortgage rep. They're busy so may not reach out to you, but most will be happy to discuss your needs, what you can expect in the next couple of months, & what can be done to secure the lowest possible rate.