These days, everyone seems to have questions about how to navigate their financing. Every month we will provide a key insight from Mortgage Broker, John Chrisanthidis. See below for his latest Mortgage Minute.
“Current, existing and prospective homeowners who need financing are facing an interest rate environment we have not seen in over thirty years. We have seen rates across all terms and products rise dramatically. The question is: What does one do?
Remember a long term fixed rate is not the only option. Consider short term financing. Using a one or two year closed fixed mortgage can give certainty of payments to allow you to prepare a budget and also the flexibility to review finances after a year or two, along with renegotiating the rate and shopping your mortgage again. If rates come back down soon, and history indicates there is a good chance they may, you’ll be happy not to be locked in. "
For more information, feel free to reach out to:
John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)