5 Nov

Want to lock in your mortgage?

General

Posted by: Jennifer Fuentes

For those of you with a variable rate mortgage, the Bank of Canada accounted that they don’t expect to increase their Key Target Intereset Rate until late 2014, which means the lending prime should also stay as is at 3%. Please keep in mind when prime does increase and you are wanting to lock in your variable rate mortgage to a fixed rate, the fixed rates could be much higher. Talk to your mortgage broker if you are trying to decide whether to lock in now, or wait a while longer. The discount off a prime and other factors should be considered to help determine the best answer for you! www.jenniferestrada.ca

http://www2.macleans.ca/2012/10/31/interest-rates-to-rise-before-end-of-2014-governor-mark-carney-suggests/