Getting more than just the Right Mortgage.

The Bank of Canada has increased their benchmark rate 3 times since July 2017! Today it sits at 1.25%. This rate usually has an effect on the Bank Prime rate which influences the rate lenders charge for mortgages and other consumer debt. The next Bank of Canada meeting is set for March 7th and there is talk of yet another rate hike.

Positive economic news regarding the Canadian economy could be one of the factors behind the increases. Unemployment is at its lowest level in 40 years, higher consumer spending, slightly higher inflation at 2.1% and record stock market. The economy is going along nicely. Personal debt, the main debt that most of us are concerned about however, isn’t doing quite so well. Credit card debt, lines of credit, and other loans that usually carry a much higher interest rate than mortgage debt, are also affected by rate increases. Paying less interest and reducing debt as quickly as possible is the best insurance protecting our financial health.

My role as a mortgage professional is to not only help you buy your dream home with the right mortgage but to ensure that you don’t pay any more interest on your overall debt than you need to. The first step is to establish where you stand today and then determine your options and strategy going forward.

Call or email me today.

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