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How does an Increasing Bank of Canada Rate affect my Mortgage Payment?
Dated: July 29 2022
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As we all watch the news, we see the Bank of Canada rate keeps increasing. This affects everyone! From those applying for their first mortgage to anyone with a mortgage renewal.
Example of Mortgage Payments
Here's an example of what will happen to your monthly payment as the mortgage rate increases. This chart shows a fixed mortgage of $300,000 amortized over 25 years at 2%, 3%, 5% and 10%.
At 2% your monthly payment is $1,270/month.
At 10% your monthly payment is $2,683/month.
What can you do?
Talk to your lender(s) or mortgage broker for their professional advice. Shop around for a good rate. You may be offered an early renewal with a good rate. You can negotiate for a discounted rate. You may decide a variable rate is the way to go. You may want to amortize over 30 years. You may want to lock in a rate for 5 years. There's many options to reduce your monthly payment.
Check your Mortgage Payment Increase Here
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Tammy Locke
Buying and/or selling a home requires an experienced professional that will guide you through the process. When you work with me, you can count on personal, attentive and patient service to deter....
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