TransUnion, a credit-monitoring firm, reported that 26 million Canadians have some form of debt, including mortgages, lines of credit, and credit card debt. Overall, most Canadians can easily manage their mortgage and other outside debt in the current environment.
One should always be on the lookout for ways to save on interest paid on all current debts including mortgages, lines of credit and credit cards while finding the opportunities to pay down the overall debt as quickly as possible to decrease vulnerability when interest rates are higher.
As a mortgage professional, I understand how interest rates actually work and the negative impact rising rates can have on financial plans and security. If you or someone you know is thinking of buying a home, now would be the time to take advantage of low rates but also borrow smartly with a long term strategy in place.
Contact me today and see why dealing with a mortgage professional, like me, can help with achieving financial security.