How To Navigate Three Common Mortgage Scenarios + MORE Aug 15th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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How To Navigate Three Common Mortgage ScenariosIt’s a confusing time to be a homeowner. Rates are up, and everyone has an opinion on what will happen next. It’s easy to get sucked into social media rabbit holes and make decisions motivated by fear. But at times like these, it’s crucial to block out the noise and do what’s right for you.

To that end, here are three common scenarios along with my recommendations on how to save money and hang onto some peace of mind.

Scenario #1: My mortgage is up for renewal this year

The lowest rates you’ll find right now are 5-year fixed rates. That does NOT mean you should lock into a 5 year commitment. Rates will come down, and they could start as soon as Spring 2024. You don’t want to find yourself in a situation in a few years where rates have come down substantially and you’re still locked in for two more years at a much higher rate. 

My advice? Go with a 3-year fixed rate term. I would recommend an even shorter term, but rates for a 1 or 2 year term are as high as 7%…

Continue Reading On canadamortgagenews.ca »

Originally introduced to mitigate borrower default risks in the event of rising interest rates, some brokers now argue that Canada’s mortgage stress test is no longer needed with interest rates presumably near their peak.

Continue Reading On canadianmortgagetrends.com »

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