Open House: The Real Estate & Mortgage Show- January 20 2018

Barb Kramer of Mortgage Brokers Ottawa is joined by Paul Rushforth and host Steve Gregory on this week’s edition of the Real Estate & Mortgage Show discussing the strong and stable Ottawa economy, the increase in mortgage rates, and debt consolidations.

Barb discusses the mortgage rate increases over last few weeks including an increase the prime lending rate. The bank of Canada overnight rate is set at 1.25% and the prime lending rate is now at 3.45% with most lenders which affects variable rate mortgages and lines of credit.

Barb also discusses collateral charges which allows for additional borrowing in the future against the property. This does, however, will come with a cost to move the mortgage regardless if there is a current balance. This cost, associated with legal fees, will vary from about $650 to $750 in most cases and does not include the discharge fee.

Paul cautions sellers that are looking to sell their homes themselves or with a discount brokerage that using a reputable real estate agent really helps with negotiations and sound advice and may get you more in terms of sale price.

The team discusses the potential for additional rate increases from the Bank of Canada and recommend getting a pre-approval in place sooner rather than later.

Click here to listen to the full podcast!

If you have questions about your mortgage or finances contact your mortgage professional today to discuss your situation.