Tue, 16 March 2021
With fixed mortgage rates finally beginning to increase in Canada, many Canadians are wondering whether they should be locking in their mortgage rate in case interest rates continue to climb.
We also cover whether you can lock-in a mortgage rate now, and then have the option to renew at the lower rate if the interest rates continue to climb.
And, while it’s easy to get fixated on mortgage rates whether you’re an existing or future home buyer, it is worth mentioning that the penalties for breaking a variable vs fixed-rate mortgages can be drastically different, and can also vary significantly from provider to provider.
Which types of lenders tend to have the largest penalties?
What can we expect in fees depending on the lender and mortgage type that we choose?
We cover all that and more in this month’s episode.
Also, the spring real estate season is now upon us with lots of Canadians looking to buy and/or sell their homes. Our resident mortgage expert takes us through what you can expect, and how COVID is impacting the real estate market in Canada.
About Our Guest:
Sean is the bestselling author of the book, Burn Your Mortgage. He bought his first house when he was only 27 in Toronto and paid off his mortgage in just 3 years by age 30.
These days, Sean’s helping others burn their mortgages too, as an independent mortgage broker.
Sean has offered to answer for free, any questions that you, the Build Wealth Canada listeners have.
Links & Resources Covered:
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Direct download: Rising_Mortgage_Interest_Rates.mp3
Category:Real Estate -- posted at: 7:26pm EDT