Mortgage Interest Rates Fall for Fixed Rates...Its Time to Take Action!

Over the past few days a few of the Big 5 Lenders in Canada reduced their posted fixed-rate mortgages by .10%. What happens when one bank changes rates? The others follow suit shortly behind! Over the next week you will most likely see many of the remaining lenders make a move to drop rates.

This is a time for First-time Home Buyers & Homeowners to take action! By taking action now you could potentially gain thousands of dollars in interest over your next term, with only a little investment of time taken to review your mortgage and consult an advisor.

If you are looking to purchase a home within the next 120 days. I would recommend you talk to a Mortgage Advisor like myself about getting a mortgage pre-approval. Remember that little changes in interest rates can have a big impact on your bank account.

If you currently have a mortgage, give your advisor a quick call and ask them to review it to ensure you are making the biggest impact with your monthly payments. Evaluating your mortgage quarterly is a great habit to get into...when you get your oil changed on your car, look at your mortgage statement! It is kinda like a maintenance check-up for your loan!

If you current mortgage is up for renewal within the next 6 months it is time to start reviewing your current needs & changes that have happened over your last term. I would recommend you talk to an advisor to begin shopping for your next term. If you wait for the lender to send you your renewal notice & sign it without question you could be paying thousand extra in interest.

In closing it is time for you as a First time Homebuyer or current homeowner to not be complacent & take action with your Mortgage.

Mike Morisset is a Mortgage Advisor with Silverman Mortgage Group & works actively in the communities Langley, Surrey, South Surrey & Abbotsford. If you would like to read more of Mike Morisset's blog posting or watch his podcast, Mortgage Matters with Mike Morisset, you can find him at http://www.themortgageblog.ca