It is 2023 Spring Market with The Sullivan Team. This team embodies education and
information to their core. They are here to serve and ensure their client’s needs are
met.
June 2, 2023 we are sitting at The Bank of Canada’s Rate at 4.75%. The Prime
Lending Rate for most major Banks are 6.70%. This affects variable rate mortgages
and secured lines of credit. Currently, for every $100,000 borrowed on a secured line
of credit will equate to a monthly payment of $600.00 per month. The next
announcement June 7, 2023 will be interesting to see with inflation creeping up again
and the employment market holding strong.
Fixed rate Mortgages are also being affected. We have seen them creep up a 0.25%
also in the last few weeks.
With this information, I tell all of my clients to focus on an affordable monthly
mortgage payment. This could mean switching to a different lender or making the
amortization longer. Additionally, try making pre-payments on your mortgage as
much as you can. Double up a mortgage payment, switch to accelerated bi-weekly or
maybe even put a pre-payment of $100 on your mortgage. Any little bit helps, these
extra funds go straight to the principle and can shave years off your mortgage.
Another trend we have noticed at Mission35 Mortgages; people are willing to take a
bit of a higher fixed rate for a shorter mortgage term. The most popular term we are
seeing is a 3-year term. There is extreme optimism in the market place that rates will
decline in a few short years. Although no one has a crystal ball, we are here to educate
and support or clients goals.
If you ever have any questions or concerns Mission35 Mortgages will always take the
time to complete a thorough review of your mortgage options and goals.
Sincerely,
Chelsea Bedard
Mortgage Agent
M17000537
Mission35 Mortgages
Lic#12844
59 John St. S Hamilton ON, L8N 2B9
E. chelseab@mi35.ca | C.905.407.5453
P. 905.574.5255 | F. 905.574.7384
