It’s time to evaluate your financial future

Of recent times, there have been lots talk of economic prosperity in Canada this year and also speculation of interest rate hikes sometime in the spring of 2015. Central Bank rates are expected to rise to around 1.25 to 1.50 percent by the end of this year. For us consumers, this would mean higher borrowing costs and higher payments on debts such as auto and other consumer loans, lines of credit and variable rate mortgages. Indications of economic growth and interest rate hikes are intended to steer consumers like you & I to evaluate our financial future and plan ahead in anticipation of any changes.

One such payment to evaluate will be your mortgage. Make sure you tailor make your mortgage to your specific needs not just the interest rate. For example, pre-payment flexibility/penalty, amortization and overall debt exposure. The lowest interest rate may not always be the best option for you as it may tie you to a higher pre-payment penalty.

Please read the articles on CBC News and The Globe and Mail for more information.

If you are looking to get a first mortgage or refinance and need advice on options available to you, contact the team at mimortgage.ca today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.