Bank of Canada Interest Rate Hike 😬 - What it means and what you can do about it 🏘

Описание: The Bank of Canada hiked rates AGAIN today (Jan 25, 2023). Here's what the impacts look like and what you can do about them:

1. Don't panic - avoid over-reacting or making decisions when you're stressed out.
2. Consider refinancing for a year or two with a longer amortization period as a short-term way to lower your payments (until bank rates come back down).
3. If you're renewing a mortgage in 2023 consider a 1yr or 2yr fixed rate mortgage so you can have the benefit of stability as well as the possibility of lower rates in the medium term.
4. Home sales have fallen off a cliff and this could mean a few sellers could get quite motivated to sell if they have to. Watch for the possibility of a good deal.
5. Current rates at some of the big banks are: 3yr fixed: 5.45% and 5yr fixed: 5.29%
6. Avoid HELOCs at this time. The banks are qualifying people at 9.2% (gasp!!). They must really not want people using new HELOCs for property purchases or frivolous use.

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