April 23, 2018

Are You Ready For Higher Interest Rates On Renewal?

Is your mortgage coming up for renewal?  Are you ready for increased payments based on today’s interest rates?  Your current interest rate is probably in the range of 2.5-2.7% for a 5 year fixed term. We went through years of interest rate decreases and got used to lower interest rates and lower payments when renewing our mortgages but that trend appears to be over.  Competitively discounted fixed five-year mortgage rates today run from 3.19 per cent to 3.69 per cent. Increased rates are only a piece of the puzzle.  New mortgage-industry rules are complicating the process of taking your mortgage…

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