If you’ve been pre-approved and locked into a low mortgage rate, now is a great time to purchase! Why you ask? When a bank holds a rate there is typically a 90 day or less time limit in which a mortgage must be taken out in order to utilize the locked in rate hold. If you don’t buy before this time limit expires you will have to go through the whole approval process again, locking in at today’s newly announced higher rates. In turn you are reducing the amount you can spend in order to keep the same monthly payments.
In the past couple weeks we have seen interest rates on the rise. While rates are still very low, we urge those who can to take advantage of the low rates they’ve already been locked into and buy today!
If you have any questions our team is here to help. Call or visit one of our presentation centres today!