Great article in today’s Globe and Mail by Rob Carrick. MonsterMortgage.ca’s Vice President and Principal Broker Vince Gaetano is quoted referencing one of the common mortgage strategies we always advise clients on. If you are considering a fixed rate mortgage, take a variable rate mortgage product at 2.25% instead and pay it down as if your are in a fixed rate mortgage product at 4.25% or higher. This way you are paying down more principal and inevitably paying down your mortgage a lot faster. This strategy can help you save up to $15,000 on a $250,000 mortgage once your mortgage renews in five years.
Here is the full list Rob Carrick recommends people follow to help prepare yourself for higher mortgage rates: