Should you Lock in Now?

Author: Boychuk Mortgage Group |

  • First, ask yourself:
  • Is it the monthly payment that concerns you most, or the interest?
  • • If your payment concerns you most, lets discuss the static payment option (VRM mortgage)
  • • If it’s the interest that concerns you most, a fixed rate is likely a higher rate, but will provide you with that certainty moving forward.
  • Estimated fixed rates today:
  • Insured fixed rates will range between 4.90% - 5.50%, term length dependant.
  • Conventional fixed rates will range between 5.20% - 6.05%, term length dependant.
  • Should you renew early if your mortgage matures in the next 12 months?
  • Based on where interest rates are today and the volatility in the national economy, we recommend giving us a call to discuss your options and have us run the exact numbers to see if it makes sense for you.