Homeowners Alert: Take Action Now to Save Money on Your Mortgage!

As a homeowner, staying updated on current market trends is important when it comes to making financial decisions. In this blog post, we will go over the latest updates in the real estate industry. After the Bank of Canada held its key interest rate at 4.5% for the second straight month, it’s safe to say that the housing market is stabilizing. Now may be the perfect time to lock in your pre-approvals and consider selling or buying. So, let’s dive in and see what you can do to save money on your mortgage.

Orleans – a great investment

Orleans is continuing to develop that has a lot of potential. Located just 16 km east of downtown Ottawa, it’s an attractive area for home buyers. The area has a lot of green space, parks, and neighborhoods that are perfect for families. Not to mention, there is a diverse mix of newly built and older properties that cater to all budgets. Whether you’re looking for a small apartment, townhouse, or single-family home, Orleans is a great area to consider investing in.

Bank of Canada holds key interest rate at 4.5%

The recent decision to hold the key interest rate at 4.5% was made to ensure that there is enough liquidity in the Canadian economy. This means that variable rate mortgages will remain at a lower interest rate for now, which is good news for homeowners. Furthermore, with the economy stabilizing, it could also lead to higher home prices in the near future.

Lock your pre-approvals

A pre-approval is a crucial first step for anyone considering buying a new home. Now would be the perfect time to lock in your pre-approvals, especially if you’ve found a home that you’re interested in. With a pre-approval, you can secure an interest rate for usually about 90 to 120 days, and this could potentially save you thousands of dollars. Let me know and I can put you in contact with a trusted mortgage broker.

5-year fixed mortgages still offer a great rate

The 5-year fixed rate mortgage is a popular option for homeowners, and for good reason. It provides stability and predictability, allowing you to budget and plan for the future with more certainty. With the current market conditions, the 5-year fixed rate mortgage still offers a great rate, and it could potentially save you thousands of dollars in interest.

It’s time to sell and buy

If you’re a homeowner, now may be the time to consider selling and buying. With the housing market stabilizing and interest rates being stabilizing, it could be the perfect opportunity to upgrade your living situation. A larger home, different neighborhood, or a change in scenery could be exactly what you need. Additionally, with the recent pandemic-related lockdowns, many homeowners have made the decision to reevaluate their living situation, and this could lead to higher demand for home sales.

The recent updates in the real estate industry have provided homeowners with the perfect opportunity to save money on their mortgages. Locking in your pre-approvals, considering 5-year fixed rate mortgages, and selling and buying in a stable market could lead to huge financial benefits. With the housing market stabilizing, now is the perfect time to take action and make a smart financial decision. Consider investing in Orleans, and start exploring the diverse range of properties to find your perfect home. Contact local Orleans Realtor with Century 21 Marc-Andre Perrier!