When mortgage Rates rise, Is it time to lock in?

An excellent article in the Toronto by Ellen Roseman helps you decide?

Things to consider

Is your income steady and reliable?

Do you have reasonable debt-to-income ratio?

Do you have enough home equity? If you have 15-20% equity, you can refinance.

Do you have an emergency fund?

Can you accept risk?

Robert Lister, a mortgage broker in Vancouver says: "Variable rates are still very low. The gap between variable and fixed is widening. Interest rates would have to rise subatantially before you'd be further ahead with a 5 year fixed rate than a variable rate. The prime rate would have to rise over 50 basis points more than expected and stay there, for a fixed mortgage to come out ahead. Very few are predicting that kind of scenario over the next five years."

If you need help finding a mortgage broker I can help!

Mary O 

Mary O'Brien

Mary O'Brien

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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