On June 7th, the Bank of Canada increased the target lending rate by 0.25%, raising it to 4.75%. This is the highest it has been in 22 years. If you have a variable rate mortgage, this will be a noticeable increase to your debt servicing costs. You may be tempted to reach out to your lender and lock in your rate, but why only hear one option from one place?
Here is why you should give Cannect a call:
1. The Impact on YOU: Every borrower has their own unique financial situation and objectives. The team at Cannect will help you understand the changes to your monthly payments, costs, and amortization term.
2. Expert Guidance: At Cannect, you will be set up with two mortgage agents to oversee your file. We have extensive industry experience and closely monitor market trends. We will take a look at your current mortgage and see what other options are available for you. Maybe it’s a short, fixed term? Maybe it’s a flexible, longer term? Or maybe it is best to wait it out. No two borrowers will have the same situation.
3.The Best Rates out There: Cannect has access to dozens of lending options. Whatever the product that best fits your needs, we will make sure you are getting the best rate available.
These are stressful times. Even marginal savings on your mortgage payments can go a long way towards a healthier financial future. Speak with an agent today at 416-766-2666 and we would love to see what options are out there for you.
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