Mortgage Rates: How Low Should You Go?
Filed under: Buyer Beware, Budgeting & Planning, Debt, Family Finances, House & Home, Investing, Real Estate, Store Flyers, Mortgages, Your Home
If you're in the market for a new house or simply looking to
renew your existing
mortgage, I'm sure you've noticed the "Mortgage War" being waged by most of Canada's big banks. RBC, TD, Scotiabank and BMO have been offering long term, fixed rate mortgages for 2.99 per cent. This is among the lowest fixed rate mortgages you're likely ever to see.
On the one hand, this has been a bit of a strange move from an industry that has expressed worries in the past about mortgage debt in Canada. On the other hand, now might be a terrific opportunity for first-time buyers to get into the market. So, what should you be conscious of if you're thinking about a rock-bottom mortgage rate?
renew your existing
mortgage, I'm sure you've noticed the "Mortgage War" being waged by most of Canada's big banks. RBC, TD, Scotiabank and BMO have been offering long term, fixed rate mortgages for 2.99 per cent. This is among the lowest fixed rate mortgages you're likely ever to see.On the one hand, this has been a bit of a strange move from an industry that has expressed worries in the past about mortgage debt in Canada. On the other hand, now might be a terrific opportunity for first-time buyers to get into the market. So, what should you be conscious of if you're thinking about a rock-bottom mortgage rate?
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