Inflation is Coming!

<p>Inflation is coming, make sure your mortgage is ready. </p> <p>A Quick Guide to save money on your mortgage in the next two weeks!</p> <p>Last week we found out that even though we have been in a lock-down, inflation has started to creep up. Yesterday the Bank of Canada (BoC) said that they are going to start slowing down their bond purchases. These two statements are directly linked to your mortgage rate. If you haven't compared your current rate to the rates available on the market, now is the time.</p> <p>You can be forgiven for not wanting to deal with your mortgage over the past few months. But you should know that more than 80% of Canadians are losing money on their mortgages. </p> <p>It is almost certain that the rate on your mortgage is too high relative to what you should be paying. If you're an existing Cannect borrower, this doesn’t apply to you, our mortgage manager software analyses every mortgage file we have to identify savings and alerts an agent to notify you. BUT, if your mortgage was done directly with any lender in Canada, you should know that they have no obligation to inform you that you might be able to save money by paying them less in interest. </p> <p>You need to know that interest rates have already started increasing, they always start moving slowly and then move faster, that’s the way the market works. </p> <p>STEP 1: Let’s start off by addressing the elephant in the room! Here are the three main reasons you don’t want to even look at your mortgage:</p> <p>You dread what the mortgage penalty to break it might be. No need to stress about this. In many cases, we can lower your rate with your existing lender. In others, we can reduce the penalty significantly, and at the very least we can monitor your mortgage until savings come available or your mortgage is coming closer to maturity. Thinking about collecting paperwork gives you anxiety. This is our job! Not yours, you focus on things you need to and let the Cannect team do this. Our technology and mortgage knowledge make the process