According to a Survey by BNN Bloomberg, 53% of respondents said that they were concerned about rising mortgage payments at their next renewal.
The survey was released as the Bank of Canada continues its aggressive rate-hike campaign to bring inflation under control. On October 26th, the central bank increased its key overnight rate by 50 basis points, bringing the prime rate to 5.95%.
While Canadian homeowners are expected to see a sizeable increase to their mortgage interest rate at renewal time, they should not be overly concerned.
At Valko Financial, we have financial solutions to put you in a better position with your finances. If, you’ve built up enough equity in your home, it is possible to refinance your mortgage to increase your cash flow and clean up debt. There are a number of products and strategies that can be explored to find the right fit for you.
Even with a higher mortgage interest rate than before, your overall monthly payments will be lower putting money back in your pocket.
When you have equity, you have opportunity. Contact our team to discuss your options!