When it comes to your mortgage, timing is everything. The cost of procrastination or not knowing when to make a move has proven to be very expensive over the last few years – even in this historically low interest rate environment.

Lenders are looking at cutting costs. They have shown us this by not committing rate holds for the best rates, making them available only for “live deals”, and giving themselves the ability to discontinue these specials at any time.

Some may only recall the more recent cases where we have seen lenders increase their fixed rates from 2.99% to 3.49% virtually overnight! A 0.5% increase translates to a cost of $26 dollars per month per $100,000 of outstanding mortgage loan. With the average mortgage sitting around $350,000 in the lower mainland, it adds up quickly to an extra $96 dollars a month in interest only. We have seen this before in the mortgage industry when it came to variable rate discounts. It’s likely we can this again in future.

Following are three ways you can protect yourself:

1. If you’re considering buying a home, get a rate hold from your mortgage professional who can shop your mortgage to multiple lenders with one application while protecting your credit score to ensure the best option.

2. A mortgage review will examine your options and help secure a rate hold if you’re up for renewal in the next year.

3. Verify you have given all required information and documentation to secure a rate hold. Withholding important information (either documents required for review or details of your income or current mortgage) will hold up the process.

You can complete an application over the phone or online one can be viewed at www.angelacalla.ca so you can prepare for the type of information you’ll need to gather for the process that if you’re prepared with your basic information can take 10 minutes.

With average savings of $96 a month (with the ability to change daily – even within hours in some cases), this is a prime example of how waiting for a trigger (such as an increase in rates ) instead of being proactive may affect your ability to save the most amount of money!

I can guide you through the process for a purchase or refinance/renewal to ensure you’re protected and that the best strategy has been implemented and rates secured on your behalf to save you the most amount of money in this ever-changing mortgage market.

Thank you for visiting

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

Host of “The Mortgage Show” Saturdays @ 7pm on CKNW AM980

Phone: 604-802-3983 Email:callateam@dominionlending.ca