A recent report by National Bank found that a little more than one out of every six mortgages in Canada is up for renewal this year, and as recently as January the bank was calculating that most of them could expect to be paying between 70 and 90 more basis points on their next loan than they were on their current one. (A basis point is 1/100th of a percentage point, so a jump of 70 basis points would be a loan that went from 3 to 3.7 per cent, for example.)But thanks to the steep slide in mortgage rates since the start of the year, most people with loans up for renewal now have no need to fear a big jump in their rate when the time comes.
“With the recent drop in mortgage rates, those households will be renewing at rates barely above their previous ones.
Call me. Let’s explore all your options together.
Steven Porter, Mortgage Agent – Mortgage Architects. 905-875-2582 or steven@1800Mortgages.ca