If you own a home, or want to become one, the recent rise in mortgage rates can be intimidating, but there are some tips to help you save big.
“Buying a home is the biggest deal you’ll ever make, so it’s worth shopping for your prices,” says Julien Brault of Hardbacon.
“The down payment of 20% means that you do not have to pay CMHC insurance, which protects the lender. So there is no point in getting this insurance.”
“The idea is to sync your salary with your mortgage to avoid having money in your account that could pay interest,” said Mr. Braault.
“Prepaying is the privilege of being able to pay off more than expected, and that can come in handy when you get to the end of the mortgage (…) sometimes it can be worth paying a little bit more, to have more flexibility in the future,” he says. .
“It is very useful especially at a time when the prime rate often changes because it allows you to lock in the mortgage rate for 90 to 130 days,” says the personal finance specialist.
Watch the video above for all the details to save on your mortgage.
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