Did They Call??

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“When was the last time your bank or mortgage broker called to discuss rate changes or early renewal opportunities?”

That is the question we ask in our video at monitormymortgage.com and I am sure it is the question you are asking yourself following the Bank of Canada’s announcement that they will be increasing rates for the first time in seven years.

So, how does this announcement impact you? Did your lender or private banker give you a heads up to the potential impact over the last 3 weeks that this has been discussed in anticipation of the announcement? Or worse, was your lender one of the lenders that jumped the announcement last week and increased their rates ahead of today’s Bank of Canada announcement?

How can Monitor My Mortgage Help?

We built Monitor My Mortgage (M3) to help homeowners navigate these announcements, I was tired of calling my broker and asking how each announcement will impact me.

Over the development period, I often heard that “Monitor My Mortgage would be a great tool if rates are going down, but that won’t last forever.”

However, it was actually built with the opposite in mind, ‘a rising tide (lowering interest rates) floats all boats,’ but when rates increase we all need that extra set of eyes to help provide us governance over our largest liability.

Benefits of Monitor My Mortgage

Monitor My Mortgage provides consumers with three key items:

  • Visibility
    • Immediate notification of rate changes and how they impact your mortgage specifically
  • Access To Information
    • Penalty calculations specific to your lender and mortgage
  • Governance
    • Lenders and brokers aren’t watching out for our best interest daily, so let the Monitor My Mortgage software do it for you based on your notification settings

This is the age of convenience. We want everything at our finger tips; weather, sports, news, booking yoga classes. The ability to manage our mortgage should be no different – and it should be just as easy.

I was asked once in an interview if Canadians are ready to have a tool to monitor their mortgage on a daily basis, and honestly I think we are.



Monitor My Mortgage can Help You Navigate the New Reality of Raising Rates

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The thought of rates rising is terrifying for most homeowners – mainly because the low-rate environment seemed as though it may last forever.

However, the fact of the matter is that rates are inevitably on the rise. Maybe not today, maybe not tomorrow, but they are headed in that direction – and this is only the beginning of rates going up instead of down.

It’s hard to understand what to expect and what options will be available to you as the rate environment changes, but there are ways to stay on top of your options and to have information on rates and other changes directed towards you specifically.

Frankly, you can’t expect your lender, private banker or mortgage broker to call every time rates change – what you could get, however, is an alert from Monitor My Mortgage.

Monitor My Mortgage is the perfect tool to help you navigate and understand the ever-changing rate environment, because it constantly adjusts along with the environment. Basically, it allows you to focus on your circumstances and the options available to you – and drowns out all that other noise.

What is also important to understand is that when rates change, not all Canadians will be impacted in the same way. Those who have locked in interest rates through a fixed-term mortgage won’t feel the impact of higher rates until their loan is up for renewal or they choose to get a new mortgage.

Some homeowners may even find that the rates they get when they refinance their mortgage are still lower than what they carried on their previous loan. This is why it’s important to understand your options and constantly compare them, which is exactly what Monitor My Mortgage does for you.