HomeMortgageThe best mortgage strategies for a rising interest rate environment

The best mortgage strategies for a rising interest rate environment

With rates rising, home buyers and homeowners need to look carefully at what might be their best mortgage options.valentinrussanov

Eitan Pinsky and his wife were still settling into their newly purchased $4-million home when the Bank of Canada raised its benchmark interest rate by a full percentage point to 2.5 per cent in mid-July.

For the Vancouver couple – who are among the estimated 53 per cent of Canadian homeowners with a variable rate mortgage – that translated into an increase in their housing loan’s interest rate.

“So we ended up increasing our payments a couple of days ago because if we didn’t do that, our amortization period would be longer,” says Mr. Pinsky, owner of Pinsky Mortgages, a Vancouver-based mortgage broker. “Now a lot of clients are asking us: What should they do with their mortgage?”

That’s the burning question today for Canadians looking to buy…

Read more at www.theglobeandmail.com

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