The time to wait is over! You may have very little time to refinance your property. Since September the Fed has increased rates multiple times, the last being in December. The banks had not acted on raising the rate, but that is changing. The amount of deteriorating rate environment alerts that MCL is getting from lenders are increased and are all too familiar, and we believe rates will rise further this year, with the Reserve Bank widely expected to lift rates at some point within the next 12 months again.
With this in mind, it is clear that homeowners that are planning on refinancing to lock in their rate, get rid of private mortgage insurance, make a home renovation on their property, getting rid of those high-interest credit cards or investing that money elsewhere. Their clock is ticking! With higher rates, these homeowners possibility of refinancing is dwindling.
Whether you’ve been in your mortgage for a few months or a few years, the start of a new year is always the ideal time to rethink your current debt situation and tackle it by getting yourself in a payment schedule that is affordable and locked in at a lower rate.
A fixed rate will not only help you to avoid any future rate rises, but it will also provide you with some surety around your regular mortgage repayments.
Over the past few months, we’ve seen an increase in the number of people refinancing to tackles on this year’s resolutions.
If you have a question or need to schedule an appointment, don’t hesitate to reach out to us.