Mortgage Renewals - How to deal with high interest rates
I’m not sure about you, but to me everything at the moment seems unreasonably expensive. The deodorant I like was on “sale” for $6.50 and I started to wonder if I’d really smell that bad without it. The other thing that stinks at the moment is the cost of borrowing money. In twelve short months, the bank of Canada has raised interest rates from 4.79% to 7.09%. While these aren’t the highest rates in history, the pain being felt is because of how low they’ve been in recent memory.
The sticker shock of today’s rate environment has a lot of people dreading mortgage renewal time. We spoke to a mortgage specialist recently. People walking into his office are terrified of making ends meet when…
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