Costco Flyer - 06/01-06/30/2023 (Page 16)

bank of canada's five-year by lana sanichar my mortgage to be the most important purchase of my broker at the morrison mortgage team lana sanichar what do you need to know when renewing a mortgage? russ morrison a challenge that home- owners will face when their mortgage comes up for renewal in 2023 is pay- they will experience with their mort- gage payment due to the rising lending such as increasing the mortgage amor- ing a needs assessment with a qualified mortgage broker to make sure a set plan take the first offer from the lender ls fixed rate or variable rate? rm most often the answer to this ques- tion will come to light once the needs and plans of a homeowner have been outperformed fixed-rate mortgages while a vrm has proven to be an over- consider either a short-term fixed-rate mortgage options according to canada.ca hybrid and combination mortgages are also an option mortgage refinance ments will change when the prime rate the prime rate does the same ls where are rates headed? rm 2022 was full of many unexpected est rates by 4% to curb inflation and economists are predicting that the prime rate will remain steady for a better part of the year before it begins to fall in whether you are purchasing for the first type in "renewing your mortgage." this will take you to a wealth of information from an explanation of key terms to tools and more to help guide you through the process please do your own due diligence when making informational purposes only and may not apply about their finances; it is not meant to be used in lieu of advice from a professional interest rate is fixed and the portion gives you partial protection in case interest major purchase financial connection and mortgage renewals portion provides partial bene- may have different terms this means hybrid mortgages may be harder to transfer to another lender."-ls courtesy of lana sanichar lana sanichar is president and editor-in-chief of canadian money- saver magazine through an exclu- sive arrangement canadian money- saver's experts partner with the costco connection to share advice about relevant financial topics email topic sugges- tions to moneyinfo@ canadianmoney saver.ca costco members are offered a one-year special introductory price with online canadianmoney saver.ca and click on "subscribe," or call use "costco" for the discount code at the bottom of the page