The Learning Centre:
Don’t be Scared of Rising Rates
Every homeowner and new home buyer seems to be asking the same question: What’s going on with rates?
The bad news: Rates are often unpredictable and therefore unwise to count on.
The good news: Despite rate movements, you’re still in the driver’s seat when it comes to your mortgage.
When you shop and compare mortgage products and features, look for a mortgage that fits your financial situation and goals. The bottom line: Don’t base your decision on rates alone.
Does your mortgage have the right features?
Most people aim to retire without a mortgage, but unless you have the right mortgage features, this goal can go bust. A recent survey found that 1 in 4 Canadians retire with a mortgage on their primary residence. 1 As educators generally retire at an earlier age, this could be a significant issue for you.
What can we do for your mortgage?
We’ll work with you to determine the right mortgage for your unique needs, and to provide tips you may not get elsewhere. For example, did you know that if you increase your bi-weekly mortgage payments by just $10, you could pay off your mortgage six months earlier?2
As members of the education community, your family can also access our services and products. Just think: When your children are ready for their very first home, we’ll be here to help them create a down payment plan.
1 RBC Retirement Myths and Realities Poll 2010, conducted by IPSO Reid.
2 $250,000 mortgage with 20 years left in the amortization, at 4.64%.