Why You Shouldn't Wait When You're Close to Your Mortgage Renewal 🏡

Have you ever wondered why your bank doesn’t offer you the best rate from the get-go? 🤔 It might come as a surprise, but banks often have their interests at heart rather than yours. Banking representatives typically receive better compensation for offering—and getting away with—higher rates. 💸 To them, how long you’ve been a loyal customer doesn't really matter. 🙃

Bank of Canada Updates and Fixed Rates 📈

Many people mistakenly believe that updates from the Bank of Canada directly influence fixed mortgage rates. In reality, this isn’t the case. Fixed rates operate independently, meaning they won’t necessarily fluctuate based on these updates. 🚫

Variable Rate Mortgages and Decreased Discounts 📉

When the Bank of Canada decreases its rates, lenders typically respond by offering fewer discounts on variable rate mortgages. This means you might not get the kind of deal you were hoping for, even when national rates are down. 😞

Securing a Fixed Rate 🔒

Opting to fix a rate is a smart move because it guarantees the highest rate you'll pay. In essence, you’re shielding yourself from future rate hikes. If the rates drop, you don’t need to worry. I can always seek a better rate on your behalf. 🌟

The Cost of Waiting ⌛

Delaying your mortgage renewal decision can be financially costly. Waiting too long can lead to missing out on optimal rates, potentially costing you a substantial amount of money in the long run. 💰

In conclusion, don’t let the clock run out. Take action well before your mortgage renewal date to ensure you get the best possible rate. Your wallet will thank you! 🏦💖