Mortgage Rates are Rising
Three major banks, Royal Bank, Bank of Montreal and TD Canada Trust are raising their fixed rate mortgages today.
For those who wish to ensure "peace of mind" in the buying process, this will raise the price of a property.
If the trend extends to variable rates, and across the board to other institutions, this could have a negative effect on the Spring market.
If you are planning to purchase then you should lock-in a mortgage rate today. If the rate goes up before closing you are protected. If the rate goes down, then you get the benefit of the lower rate.
If you would like a referral to a mortgage broker, then please call me at 905-796-8888.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, or you would like a free market evaluation of your home in Erin Mills, Credit Mills, Credit Woodlands, Sheridan Homelands, Sawmill Valley, Bridlepath, Pheasant Run, Sherwood Forrest or Mississauga Oakridge, you may contact him through Royal LePage Innovators Realty, Brokerage 905-796-8888