Your top five rate-hike questions, answered.
1. Is this rate hike going to change my payments?
That depends on your mortgage. Existing fixed rate mortgages will not be impacted. Some variable mortgages have set payments, and some do not, meaning some may increase – though not all do – depending on the details of your contract.
2. Should I consider refinancing?
This depends on many factors, from the penalty for breaking your current mortgage, and the rate you’re currently paying, to your plans to move in the next five years.
3. Are rates expected to continue rising?
Yes, the BOC is expected to raise hikes again in the coming months to combat inflation.
4. Should I put my home-buying plans on hold for now?
There are many reasons to maintain any current plans you have for home-ownership. Interest rates are just one piece of the puzzle. Having a detailed discussion about your financial situation with one of our brokers is a great way to determine next steps.
5. I’m nervous about future rate hikes, what should I do?
Contact one of our mortgage brokers to discuss your individual needs. No one is in a better position to guide you on rates and financing decisions.
