Rob Carrick wrote this week about the 1.2-million homeowners who will be renewing their mortgages this year at rates that will be higher than before. Many of these individuals also bought at the peak of the market, meaning their homes may be worth less than what they paid. In most instances, this isn’t an issue but if individuals want to refinance, some strategy is required. One good piece of advice: Start planning six months in advance, to get a sense of both mortgage rates and the value of your home.
In her latest column, Penelope Graham reiterated that advice. “That means, if you’re among these early-COVID summer buyers, now is the time to get started. You can do that by committing to a lower rate today, with the option of extending your rate hold,” she wrote.
Mortgage rates sourced by Ratehub.ca. For a comprehensive list of today’s mortgage rates for each term/type, visit: https://www.ratehub.ca/best-mortgage-rates
Ratehub.ca is a mortgage rate comparison marketplace and mortgage brokerage. They help millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products.
Rates shown are the lowest available for each term/type and category (insured vs uninsured) as of market close on Feb. 27.
