With Rising Mortgage Rates, What Are Your Options For Your Variable Rate Mortgage
With the Bank of Canada raising prime rate again, and further increas(es) expected, variable rate mortgage holders are asking about options!
– Stay put, ride it out until rates stabilize
– Lock in, but check out what term options are available to you
– Restructure your mortgage and choose a short term fixed
– Move from a floating payment to a static payment variable mortgage, but know you may need to pay extra payments on the mortgage
There are a lot of considerations to take into account and it’s good to have a broad perspective on the overall financial picture so be sure to talk it over with your mortgage broker or professional!