Over half of the mortgages in Canada will be renewed in the next few years.  There will be sticker shock for many Canadian families who will be renewing into rates 1%-3% higher than their current mortgage.   This will result in higher mortgage payments for almost anyone.

While we will keep hoping that the Bank Of Canada will start reducing rates sooner rather than later, we will keep hoping that bond yields will keep shrinking, resulting in lower fixed-rate mortgages.

How can we prepare for higher rates?

1.  Know your numbers – Prepare your household budget and understand all of your income, payments, and cash flow.
2. Determine if it may be wise to tap into any existing home equity to lower payments or consolidate debt.
3. Identify expenses that can be eliminated or reduced (daily coffee, unused subscriptions, etc).
4. Don’t sign your lender’s first renewal offer without getting a 2nd opinion from us.
5.  Don’t panic, we can help!

At DLC Mainstream Mortgages, we will consider your whole financial picture before offering advice.  We may be able to transfer/switch your existing mortgage for a better rate, refinance all of your existing debt into one easy payment, and present alternative product options such as hybrid mortgages that will help you pay your mortgage off faster!

A fresh start begins with contacting us today!