“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:
- Immediate notification of rate changes and how they impact your mortgage specifically
- Access To Information
- Penalty calculations specific to your lender and mortgage
- 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.