This morning, the Bank of Canada made its highly anticipated announcement, confirming a 50 basis point decrease in interest rates. Bank Prime is expected to follow from its current 6.45% down to 5.95% for most banks. We are here to explain exactly what this means for you and how you can benefit from these changes.
How Does This Impact You?
• For those with an adjustable-rate mortgage, this decrease could lower your monthly payments on a $500,000 mortgage by approximately $150 a month.
• If you’re approaching your mortgage renewal, now is the time to reassess your options. This rate change opens up the opportunity to secure a lower rate and save thousands over the life of your mortgage.
• Looking to buy? This rate cut, combined with recent federal mortgage changes, could improve your qualification chances and increase your purchasing power, just as the market presents unique buying opportunities with more inventory.
Read the official press release from the Bank of Canada here
The next rate announcement is scheduled for December 11th, so this is the perfect window to review your current mortgage strategy. We’re here to help with:
• Mortgage reviews to ensure you’re maximizing savings
• Refinancing or renewals to secure the best available rates
• Home purchase options for buyers looking to take advantage of this favorable moment
As your Mortgage Broker, one of the many benefits for ANY mortgage is as rates continue to decrease, we do a full look back upon closing to ensure the lowest rate while protecting your credit.
Additionally, if you’d like to review other financial strategies outside of your mortgage, such as retirement planning, wealth protection, or tax strategies, we’re happy to introduce you to our trusted financial planning partners. This holistic approach can help you build and protect wealth for the future.
Please don’t hesitate to reach out if you have any questions or would like a personal review of your mortgage options. We’re here to ensure you get the best outcome!
Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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