The fall is a great time of year to look at your mortgage, if you haven’t had a review lately, and make sure you are on track to reach your goal. Don’t have a mortgage plan? I’d be happy to do a review with you and set up up customized plan – because a mortgage needs to be managed, much like an investment portfolio. Don’t just take a 5 year fixed rate because that’s what everyone tells you to do. Your plan needs to suit your personal financial circumstances and goals.
Mortgage rates haven’t moved much this week, and 2.99% for a 4 year fixed term is still available on owner-occupied properties (including owner occupied rentals if you happen to have a du, tri, or fourplex and live in one of the units). Five year fixed are hovering around 3.29% – 3.49% depending on the lender (and whether or not you want a full service mortgage – so ‘no frills’ offers are lower), and the variable 5 year is anywhere from 2.60% (for a full service mortgage) and up.