How To Avoid Mortgage Renewal Shock

Effortless Mortgage || How to Avoid Mortgage Renewal Shock

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Transcript

If you have a mortgage that’s up for renewal in the next 6 months, stop scrolling.

You are about to experience something called an interest shock.

The Bank of Canada interest rate has gone up from 0.25% to 4.5% in less than 12 months.

Whether your mortgage was funded one year ago, or 5 years ago, your interest rate is about to increase significantly at renewal. Some even seen their rates double or triple.

One of our clients had a rate at 2% with his bank and now is renewing at 5%.

It’s very important to start looking at mortgage options and ensure you are able to afford the payments at least 6 months before renewal to minimize the “interest shock”.

If you are in a private mortgage that’s maturing in the next 6 months, it’s even more important that you need to start talking to your mortgage advisor now for refinance options. Keep in mind that private mortgages are meant to be a short term solution. You really need to do whatever you can to move your private mortgage to an institutional lender in 12-24 months.