How To Renew Your Mortgage In 2023 With Current High Interest Rates

Welcome back to Make Money Count, hosted by the best mortgage brokers in the GTA, Cannect!

If your mortgage is up for renewal soon, you may be feeling anxious about the possibility of renewing your mortgage in a high interest rate environment. While it's true that interest rates have risen over the past year, there are still ways you can secure a mortgage with a low interest rate. In this blog post, we'll share some tips on how to renew your mortgage in a high interest rate environment.

First, it's important to shop around for the best mortgage rate. Don't simply accept the renewal rate offered by your current lender without doing some research first. By shopping around and comparing rates from different lenders, you can find a better deal that will save you money in the long run.

Second, consider getting a shorter mortgage term. While a longer term may seem more appealing, a shorter term can actually help you save money in the long run. A shorter term means you'll pay off your mortgage sooner and will likely have a lower interest rate.

Finally, consider speaking to a mortgage agent to discuss your options. At Cannect, we offer a range of mortgage solutions that can help you save money on your mortgage. In our recent podcast, we discussed some of these solutions in more detail, so be sure to check it out.

RRSP Contribution

Additionally, we also want to remind our readers to contribute to their RRSP before March 1st. By contributing to your RRSP, you can reduce your taxable income and save money on your taxes. This can be especially helpful if you're worried about your mortgage payments in a high interest rate environment.

Renewing your mortgage in a high interest rate environment can be stressful, but by following these tips and consulting with a mortgage agent, you can find a mortgage solution that works for you. Don't forget to check out our podcast for more information and to contribute to your RRSP before March 1st to save money on your taxes.

0:00 - Intro
1:53 - Firms – The canary in the coal mine
4:51 - Strength in Toronto real estate
8:28 - Phil’s suggestion for managing higher mortgage interest
rates – Start the conversation
14:08 - Viewer question –  My mortgage payments have doubled – What can I
do?
19:00 – Increasing amortization to mitigate the impact of
the debt servicing payment
22:06 - Why selling may not be the best option to escape
high mortgage payments
26:51 – Viewer question – Renewal offers are terrible – Is
it possible to transfer my mortgage somewhere else?
29:00 – Potential discounted rates when moving mortgages between
lenders
32:32 – Viewer question – I have a good fixed rate but want
to leverage my home’s equity for renovations, is there a way to do this without
losing my rate?
35:03 – Marcus updates Phil on the state of Cannect MIC
41:25 – Phil’s thoughts on Cannect MIC

 

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