Posted by: Vince Gaetano
With the big banks’ refusal to pass on the Bank of Canada’s interest rate decrease, it paves the way for another bank profit taking tactic that you can avoid by acting fast and calling your MonsterMortgage.ca agent today. If your mortgage is coming up for renewal in 2015, or you require to refinance anytime this year, you need to secure your variable rate mortgage now before the banks start scaling back their discounts off prime.
It is evident by the market reaction to January’s rate cut announcement that we could possibly see another Bank of Canada rate drop in March 2015. As a result, the banks will most likely succumb to the pressure of dropping their prime rate to avoid another public relations disaster… BUT, even if they drop their prime rates to avoid public black lash, they will remove the discounts offered to Canadians today effectively increasing their mortgage rates.
HOW DOES THIS IMPACT YOU?
What this means is that the Prime Rate (– 0.65%) available today could be eliminated and reduced to Prime – 0.40% and the banks will be on their way to protect their profits by making you continue to pay higher rates! Canada’s big banks made over $32 billion in profits last year (about $900 per Canadian) and it’s important to understand that their loyalty is to their shareholders and not to you.
We strongly believe that as a loyal MonsterMortgage.ca client you should protect yourself against the big banks’ next profit grab and take advantage of these rates in anticipation of the next Bank of Canada’s announcement in March. If your mortgage is up for renewal, you are looking to purchase or considering refinancing at some point this year, call as soon as possible to secure the best variable rate product available before it is gone.
Call today and speak to your trusted MonsterMortgage.ca agent and have the following information handy:
– Recent mortgage statement with your maturity date
– Property tax particulars
– Income details
– Estimated value of your home
We look forward to helping you avoid the greedy grip the big banks are trying to place around your neck and save you money so you can terminate your mortgage sooner.