🏡 Your Mortgage Update: Bank of Canada Announcement

🏡 Your Mortgage Update: Bank of Canada Announcement

March 06, 2019

Good Afternoon , As you know, a variable rate mortgages and/or line of credits are based on the Prime Rate, here is your personal update from me on the recent Bank of Canada Announcement today. Today, the Bank of Canada did what we expected, they left the overnight interest rate at 1.75%. What this means to you is that the prime rate (3.95%) on your mortgage or line of credit will STAY the same! Currently, we don't expect the Bank of Canada to raise rates until Fall 2019.How much will it affect me?

  • $0 - your variable rate stays the same.

 What can you do?

  • Stay the course, or lock into a fixed rate. 

 BONUS: If you have a variable rate of PRIME - 0.55% or  lower, we can save you THOUSANDS by switching you over to our current LOW variable rates of as good as PRIME-1.10%.What should you do?

  • We recommend staying the course or taking advantage of our SWITCH (see above)

  • This depends on your situation, remember the variable rate still provides the flexibility of a low penalty and likely still an interest saving. 

  • If you would like to lock in, you will increase your rate between .50% to 1% for a comparable rate. 

  • Compare the cost and interest savings now vs. the comfort of no further increase

  • If you CHOOSE to switch to a fixed rate, you may contact your lender, contact me to book a call or email me and we will look at the best option for you. 

 Remember: Rates are STILL very low and it is STILL a very good time to Re-finance or Buy. We have seen the fixed term rates recently drop and stay very low around 3.34% to 3.59% for a five year fixed term. As always, if you know of anyone else that could use this same type of ongoing advice and support, recommend them to us we would love to help them as well. Any other questions? feel free to reply and I'll respond at my earliest opportunity. Yours Truly, Varshan Thavarajah

Your Mortgage Broker

Reach out if you are THINKING about buying or Refinancing

Send this Info to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year. How to Reach US!Call or Text @ 647-404-8812

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