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Consumer Matters: Remortgaging during soaring interest rates

Recently we were interviewed by Global News to talk about the surging remortgaging numbers as interest rates continue to increase.

“People are going from being in fixed rates of two percent to the high fours and even fives, so on a $500,000 mortgage you could see a payment increase of up to $500 a month”


In these uncertain times, having a mortgage strategy is critical. We consider these steps crucial in part of your mortgage plan:

  • Do not wait on your renewal date

  • Get a rate hold in

  • Do not just sign the renewal with your existing lender

  • Approach an independent mortgage professional to review all the options

If you are currently on a variable rate and wonder if you should lock in, it is all dependent on your own level of risk tolerance. “With a variable rate mortgage, you should review the discount you have, you should review your financial plan if you plan on moving or making any lifestyle changes in the next five years, and you should understand what a fixed rate option is today."


If you’re ready to live the life you’ve always dreamed about and stop stressing about monthly payments, get in touch with us so our team can evaluate your financial situation and provide you with unbiased advice!

 

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her the 2020 Business 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 get in touch with Angela at hello@countoncalla.ca or at 604-802-3983.



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