Three-fifths of Canadians concerned about their upcoming mortgage renewal, but experts say there are different ways to mitigate the payment hikes. By the end of the year, the Bank of Canada says 65 per cent of Canadians will have faced an increase in their mortgage payments. But experts say there are different ways to mitigate the impact of the payment hikes.
As a result, most Canadians can expect their payments to increase by 20 to 30 per cent, says Eitan Pinsky, mortgage expert and owner of Pinsky Mortgages in Vancouver. Afound that those renewing in 2024 with a variable-rate mortgage with fixed payments would face an average increase of 24.5 per cent, while those with a fixed-rate mortgage with a term of less than five years would face an increase of 23.1 per cent.
Instead, Tran suggests speaking with a mortgage broker or a mortgage specialist at a new lender. If they offer you a better rate, you can switch to the new lender, who should cover any transfer fees, Tran says. Or you can use their offer as leverage with your existing lender.Previously, lenders might have accepted an email as proof of an offer, Tran says. Nowadays, he finds that most are asking to see an actual mortgage approval.
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