If you haven’t already heard, the Bank of Canada has raised its key lending rate by 0.50%. Watch this short video on what it means for you and your mortgage: How does this affect my current mortgage? In other words ... If you have a variable rate mortgage or variable home equity lines ... VIEW POST
How Rate Increases Affect Your Mortgage
No one EVER talks about this!
If you're sitting there waiting for home prices to drop, KNOW THIS ... Historically, TWO things happen in a declining market: Banks will require a bigger down payment Interest rates increase! Which means you would be paying MORE INTEREST in the long run AND you'll be paying thousands ... VIEW POST
