As you know, a variable rate Mortgage and/or line of credit mortgage is based on the Prime Rate, here is your personal update from me on the recent Bank of Canada announcement.
At 9:00 am EST, July 11th the Bank of Canada increased the overnight rate by .25%
What this means to you is that the prime rate on your mortgage or line of credit will STAY the same!
How much will it affect me?
$13 per $100k - your variable rate stays the same.
What can you do?
Stay the course, or lock into a fixed rate
BONUS: If you signed into a variable of PRIME -.45 or lower 1 year or longer ago, we can save you THOUSANDS by switching you over to our current LOW variable rates of as good as PRIME -.1%.
** This is not applicable for purchases (only switching lenders, not taking any new money, 25 year amortizations or less).
What should you do?
We recommend staying the course, or taking advantage of our SWITCH(see above).
This depends on your situation, remember the variable rate still provides the flexibility of a low penalty and likely still an interest savings.
If you would like to lock in, you will increase your rate between .50% to 1% for a comparable rate.
Compare the cost and interest savings now vs. the comfort of no further increase
READ MORE HERE!
Remember: Fixed AND Variable rates are STILL very low and it is STILL a very good time to Re-Finance or Buy. This is only a .25% increase and basically matches interest rates from earlier this year!
We have seen the fixed term rates balance and stay still very low at around 3.29% to 3.69% for a five year fixed term.
As always, if you know of anyone else that could use this same type of ongoing advice and support recommend them to us we would love to help them as well.
Get in touch!
What To Do Next? 😎
Reach out to us If you are THINKING about buying or Refinancing
Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
Send them our way and we will give them an estimate of their before and after rule pre-qualification.
Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.
How to Start Reach US! 📲
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