8 Things to Consider Before you sign your Mortgage Renewal

Mortgage Renewal

8 Things to Consider Before you sign your Mortgage Renewal Approximately 47% of mortgages renew this year. There are several things to consider before you sign your next mortgage renewal! Have you explored all your options? Once you receive your mortgage renewal statement, there’s nothing easier than simply signing on for another term. But while this may make sense in many cases, your family or financial situation may have changed over time.  We can look for opportunities that could better meet your needs. Are you comfortable with your payments? If you’ve been feeling financially strapped each month making your mortgage…

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Interest Rates Rise

House Hunting: 5 Tips to help with the Homebuying Process
Prime Interest Rate Increased: What is the affect on your Variable Rate Mortgage?  It had been anticipated that Bank of Canada was going to increase their lending rate and they did by 0.25%.  Banks followed suit and increased their prime lending rate by 0.25%. There has been quite a stir recently putting many homeowners in a panic that rates were going to spike up quickly and concerns with those who are currently in variable rate mortgages. Banks prime rate increased to 2.95%, just under 3% that it was at September 2010.  It is a small increase of a quarter of percent. Nothing too major. My inbox and phone has been going steady with homeowners concerned with these changes.  Let’s have a look at the historical rates and the impact a 0.25% increase has on mortgage payments.

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