Home buyers lock into historic lows
Long-term fixed rate mortgages are very popular in Canada these days and the longer the term the better mortgage rates you get.
Long-term fixed rates guarantee you know what your rate is for the duration of your term and are not subject to changes in the rate environment. This means you can safely plan your mortgage payments without having to worry about rate changes. Typically, most home buyers choose 5 year terms – although it is becoming more common for customers to seek even longer terms.
With today’s low rate environment, it can even be beneficial to pay an interest penalty just to ensure you lock in that low rate mortgage. Our team can take a look at your situation and figure out whether this would be a good strategy for you.
Here’s a few ways home buyers are taking advantage of today’s historically low mortgage rates:
- Some home buyers are consolidating their credit card and other high interest rate debts with low rate mortgages. This helps to increase their cash flow, save on interest and just have the one monthly payment to deal with.
- Using home equity for investments, extraordinary expenses or renovations
Contact us today for great mortgage rates!
Not sure whether a fixed rate mortgage is the best solution? Can’t decide on the best way to take advantage of today’s low mortgage rates? Haven’t had your mortgage reviewed in over a year? Get in touch today, we can help!
There are many factors to consider when choosing the right mortgage. It’s not just about finding the best rate. Let us help clarify any questions you might have and find you the mortgage best suited to meet your needs.