5 Ways You Can Prepare For Higher Mortgage Rates in Orillia, Ontario

June 13, 2017 | Posted by: Della Dwyer - Your Trusted Barrie and Surrounding areas Mortgage Broker

Five ways to prepare for higher mortgage rates for people in Barrie and Orillia, Ontario

Are Mortgage rates finally on the rise in Orillia and the surrounding areas? No need to panic; what you need is some smart strategies to prepare.

Here are our my top 5 tips:

1. Don’t take the money. If you're buying a new home, don’t be tempted to borrow the maximum amount your lender will allow, simply do not do it.

2. Do more than the minimum. If you have a variable-rate mortgage, build in some wiggle room by setting your payments higher than required, this will definitely help you out in the long run.

3. Plan to pre-pay. Find out what your pre-payment privileges are and pay whatever you can.

4. Conduct a reality check. Find out what your mortgage balance will be at renewal and use our online mortgage calculator to project what your payments could be if you renewed at a higher rate. Start to ease up to your new payment level so at renewal, it’s like a merge lane!

5. Watch your bad debt. Be cautious about any credit card or other high-interest debt. This is the real key and the interest payments alone on these high interest credit items can be deadly to your budget.

Getting prepared for higher rates is not about panicking, it’s about being prudent. Talk to Della Dwyer, your Barrie Mortgage Broker and Orillia Mortgage Broker of choice. We can help you determine your best personal strategies to prepare for rising rates! Give me a call at 705-792-1527 or contact me via my website

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