Mortgage renewing soon? Here are four strategies and a very useful tool to help reduce the financial pain.
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In the attached article in the Globe and Mail, they say Canadians renewing their mortgage in the next six to eight months face a three-pronged dilemma. For many, there’s the question of how to handle the financial shock from much larger mortgage payments, as homeowners renew at significantly higher interest rates. A year and a half into the Bank of Canada’s rate-hiking cycle, that’s become a familiar issue for mortgage holders. But for households renewing in the near future, there are two additional sources of uncertainty and stress.
The first tip is to... Test drive the new mortgage rate! Knowledge is power, so try our comprehensive Mortgage Calculator and arm yourself with the right knowledge when making decisions about your next mortgage renewal. The current average posted 5yr rate is 7.04%. This is a great place to start. This way if you can get a lower rate you'll be no worse off for it. Peace of mind is just a few clicks away... My Mortgage Calculator
