Most of the folks in a position to know anticipate that the housing and mortgage market will remain strong into 2012. The struggling world economy will likely keep interest rates low. In Canada, we were at (or near) historically low mortgage rates through most of 2011, and this trend is likely to continue well through the typical busy mortgage season from March through the end of this summer.
Whatever is happening now, interest rates will not be low forever, so factor that into any purchase decisions you may be making. Could your budget handle it if interest rates went up 2, 3, even 4 per cent?
Of course, even if that does happen, one thing that will ease the pain is Meridian’s Better Than Market™ Mortgage pricing. It’s guaranteed to beat the posted rates of the big 5 banks on the equivalent term length.
You may also want to consider, depending on how much equity you’ve built up in your home, a home-equity line of credit. It could reduce borrowing costs substantially, especially if you consolidate all of your other lending into this one product.
As always, before you do anything, talk to your Meridian advisor. They’ll make sure you understand exactly what you getting and what you’re getting into. Don’t just take our word for it – compare for yourself.