It is time to act cautiously!
Following the rate cut announced by the Bank of Canada last week, the major banks have passed on a part of rate cuts to their borrowers. In addition, there seems to be more speculation around uncertainty in the Canadian economy and a possible rate cut in March, if the oil prices do not sustain.
As we have mentioned in our previous posts, this is the time to act cautiously with your debts. The economic conditions are an indicator for you to focus on:
1. Paying off as much debt as possible
2. Increasing your savings every month
3. Getting a mortgage that is suitable for you and not just a low rate.
4. Managing your finances wisely
Please read article and watch the video on the Financial Post for information.
If you are looking to buy a home and need advice on how to manage your finances, contact the team at mimortgage.ca. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.