Over the past few weeks with news of a small inflation uptick and the Canadian economy performing better than expectations, fixed rates have increased as a result and the pause on Prime rate may come to an end if the BoC decides to increase Prime rate at their next scheduled meeting on June 7th, 2023.
If you are in the mortgage market, there’s never been a better time to obtain a pre-approval which acts to hedge against further rate increases. Our office at Lotus Loans & Mortgages Corp. provides pre-approvals:
- Best rates as of today are booked for the next 120 days
- Provides borrowers with a budget in terms of the maximum purchase price to search for and knowledge about future monthly obligations
- Grants the borrower the ability to make a stronger offer since they already know their financing is in order. Sellers deal with buyers with pre-approvals before ones without
If you or someone you know is in the mortgage market, please send them my way so i can assist with the pre-approval.
