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Bank Of Canada Stays The Course

Bank of Canada Stays the Course

Essentially, the Bank of Canada news is great!

As predicted by mainstream media, Bank of Canada’s December 6, 2017 rate announcement turned out to be of little concern to current homeowners- though potential homeowners would be well-advised to seek consul now.

Clear Sailing, For Now

Variable rate mortgage clients will see no increase in their payments as a result of the December 6, 2017, Bank of Canada announcement!

As we saw in October, slowing influences like the new mortgage rules, and uncertainty surrounding the North American Free Trade Agreement, are still key factors in Bank of Canada’s decision to let rates ride for the time being.

Given the economic downtrend and a strong Canadian dollar, it seems Bank of Canada’s fears of inflation has been staved off for the time being (wipes sweat from brow).

Blue Sky at Night, Sailor’s Delight

Our opinion at Clinton Wilkins Mortgage Team continues to be that variable rate clients should themselves stay the course!

Historically, those with variable rate mortgage products have fared better than their fixed counterparts time and time again.

Does the thought of remaining in an influx market with rates nowhere to go but up worries you? It may be time to speak with a mortgage broker.

Why Go Broke(r)?

Deciphering the finance industry’s constant ebb and flow can be: 1. Genuinely tricky. 2. Seemingly intimidating to the uninitiated and 3. Occasionally time-consuming.

That’s why we recommend sparking a relationship with a mortgage broker (chemistry is important) you feel comfortable with and trust. With access to a variety of lenders, a mortgage broker provides more options than a Big Bank employee, who sells a few mortgage products for their financial institution.

As an intermediary between lender and borrower, mortgage brokers source the best rates and work in clients’ best interests instead of a financial institution’s bottom line. Did we mention they’re also adept at finding creative solutions to financial issues stemming from a variety of areas? These areas include debt consolidation, home improvements, separations and more!

Bonus Points: A great mortgage broker will become ‘your person’. They’re in your stable, and on your team. When the dirt hits the fan! They take a holistic view of your financial situation and work with existing equity to help you breathe easier again.

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Normally you can find this at retail stores across Halifax and Dartmouth, but we wanted to make it even easier for you to get a copy.

The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!