Save Money by getting Pre-Approved for lower Mortgage Rates
Now that interest rates seem to be settling down it is an ideal time for a Pre-Approval.
As the Bank of Canada lowered their overnight lending rate in response to Covid-19 and its impact on world financial markets, fixed mortgage rates have swayed up and down over the last number of weeks.
Interest rates were low in early February 2020, but the Covid-19 crisis caused a spike in the cost of borrowing and mortgage rates moved in tandem with these changes. Banks in turn increased their mortgage rates at the same time the Bank of Canada lowered their overnight lending rates.
Now that there is a settling in the interest rate market it could prove to be an ideal time to take advantage of obtaining a Pre-Approval to lock in a rate. If you are thinking of buying a home this year you should talk to your Mortgage Broker today to secure a Pre-Approval and potentially save thousands of dollars, should interest rates start trending back up.