Why you need a mortgage broker

When was the last time you thought about your mortgage?  Most people take out a mortgage with their bank for five years and then forget about it.  When you took out that mortgage did anyone discuss other options for you such as a 10 year term to provide you with more stability when rates rise?  Most of the time I think mortgage holders don’t know what questions to ask their mortgage provider other than “What is your rate?”  There are so many features available in the market that rate is sometimes secondary.  I also believe that most people don’t take advantage of the extra payments they are allowed to make,  to pay it down more quickly.

With all the talk right now about the Organization for Economic Co-operation and Development or OECD warning that the Bank of Canada may have to begin raising rates in the early part of 2014 and that the rate may be double by the end of 2015, what should you as a mortgage holder be doing to protect yourself?  When the Bank of Canada begins raising rates this will force variable rates to rise and long term fixed rates as well.  What can you do to protect yourself from an increase in payments when your mortgage comes up for renewal?  You need to take advantage of our Inflation Hedge mortgage strategy which will help save you thousands of dollars on your mortgage but will also provide you with protection from payment shock at renewal.

If you would like to set up a strategy session to talk about your mortgage and how you can pay it off quicker and protect yourself from the threat of rising rates then please call us at 250 862 1806 or email [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.