Here's what a Maritime mortgage broker suggests to get the best rates on your upcoming renewal
CTV
Some Maritime mortgage holders are anxiously awaiting a Wednesday announcement when the Bank of Canada will provide an update on the key interest rate.
More than two million Canadians will renew their mortgages over the next year-and-a-half. CTV News asked more than 50 mortgage brokers across Canada how to get the best mortgage deal. This is what we found.
Adam Cox, a Dartmouth, N.S., homeowner, waited as long as possible to renew his mortgage, hoping rates would drop before he had to sign a new term.
Cox, who purchased his home in 2019, saw his monthly mortgage payments increase by 22 per cent with the new three-year fixed rate he signed earlier this year.
"I knew rates would go up, but I was concerned about how much and what I could afford," said Cox.
The new rate worked out to an additional $250 per month on his mortgage bill. Cox says he’s only able to afford the extra cost because of a promotion he received at work.
"I’m single and don’t have a second income, so getting a mortgage was tricky in the first place," said Cox.
