Peaks and Valleys

There are seasons to the year just like there are peaks and valleys to your life. If you are like many where the last year with the pandemic was challenging for you both personally as well as financially then you should now be starting to pick up steam and make improvements to many areas of your life. I know that it is that way for me. Just know that the bad times never last forever, and that the one thing constant in life is change. Like my great Mother use to say, ” weather and your underwear are things that change on a constant basis”.

Now since I am in the mortgage business this is how it relates to my field. If you have been listening to the news you may have heard reports that mortgage rates are rising. While that is true, it is also not. Let me explain. Five year fixed mortgages rates have started to move upwards over the past two weeks. However variable rates have not changed. You see the fixed rates are based on bond yields which have been rising thus changing the five year mortgage rates. The variable rates on the other hand are based on the Bank Of Canada prime lending rate, which as they have announced today is not being changed.

So even though the fixed rate payment will be set for the term of your mortgage, you will end up paying less and have a lower penalty to break with the variable. I am here for you if you have any questions but variable is looking like the best way to go. So if your current lender is calling you asking if you wanted to lock into a fixed rate, DON’T DO IT!

“Remember that our problems come in waves, but so do the solutions” Tony Robbins

I look forward to hearing from you in regard to your mortgage needs.

Pat

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).