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Tuesday, 10 February 2015

Mortgage rates down, how to take advantage and save?

Overnight rate has gone down to 0.75%. Good news banks will have to follow soon, matter of fact BOC has indicated they will go even lower in a few months.
Here’s what it means to you:
      Lenders will offer very low rates in the foreseeable future on their 5 year Variable and fixed rate.
      Some lenders have already announced a drop in their fixed rates.
      If your mortgage coming up for renewal in the next 16 months, it is time to contact your mortgage broker to be ahead of the game and take advantage of the new never seen rates as soon as possible
      If your mortgage is a Variable one, you will see a notice from your lender of the rate drop in the coming months
       Variable rate is adjusted to the Prime rate, what is now 2.85%
Overnight rate drop was an unexpected move by BOC which will impact every home owners with a mortgage one way or another.
More you can find out form our professionals when you ask for your FREE no obligation Consultation
How about a 2.4% Variable rate for new mortgage or refinance an old one?