What To Be Aware of as Rates Increase

Have you been wondering what to do as interest rates keep rising? Lately, we have been getting this question all the time. We work with a variety of lenders and speak to them daily, so we have some valuable information that might help you combat our high rates. The first thing to do is find out how much the increase in interest rates will cost you. If you’re already locked in with a fixed rate, it won’t cost you anything! However, if you have a variable-rate mortgage, speak to your lender to find out how much the increase will affect you each month. If you have a variable rate, the next thing to consider is if you should lock it in. There are a lot of options to look over, and banks are busy right now since many homeowners are adjusting to recent changes. I recommend you talk to your lender to see what’s best for you. They can also tell you how much it would cost to break your current mortgage to get a fixed-rate one. If you have any questions and don’t know who to call, call me! I’ll put you in touch with a professional who can answer your questions. My number is (905) 607-2000. I look forward to hearing from you.