Hold That Rate!
You've probably seen the news and heard recent rumblings about how Canadian mortgage rates are going up. You'd like to take advantage of today's low interest rates, but aren't quite ready to buy right now. What should you do? Call your mortgage broker today to ask about a rate hold!
Mortgage rates have dropped to historically low levels over the past few years, lulling buyers into a sense of complacency. It's important to remember that mortgage rates are cyclical, however, and as such what has been down will eventually rise again. While we can't control how high rates will go, what we can do for our clients is make sure you don't pay more than today's level, by guaranteeing you the current mortgage rate for a set period of time – regardless of how much higher the rate rises after today.
When you call, we'll explain in more detail how lenders define a rate hold, and how it will allow you to budget for your next home with a more precise idea of your long-term financial obligations. You'll also want to hear how you can ensure a better chance of landing your dream home by securing a pre-approved mortgage – something that will give you the edge over another bidder who may have a "subject to financing" clause in his or her offer.
Please call to ask what today's interest rates are, what a preapproved mortgage entails and how long lenders will guarantee their best rates for you through a rate hold.