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.