The Real Estate and Mortgage Show - August 8
Steve Gregory, Frank Napolitano & Paul Rushforth take all of your real estate and mortgage questions on The Real Estate and Mortgage Show.
On this week's episode of The Real Estate and Mortgage Show, Steve, Frank, and Paul discuss the possibility of the bank of Canada lowering its rate again in the fall. However, this will all depend on how well the economy does over the next few months.
If your mortgage is coming up for renewal within the next 6 months, it would be in your best interest to obtain a rate guarantee for 120 days to help protect you against potential rate increases. When Canadians are shopping for a new home, there tends to be a misconception to look around for the best rate and focus solely on that aspect. While a low rate is important, one should also do research on the various mortgage products in order to ensure it fits your future financial goals. There also tends to be a misconception that your bank will be as loyal to you as you are to them. Though banks offer competitive rates, their penalties for breaking out of a mortgage early are typically much higher than monoline lenders. This is why it is always important to obtain a second opinion from a mortgage broker.