Don't make this mistake when locking into a fixed mortgage.

Summary

Uncover the truth about mortgage rates with James Loewen in the latest 'Smarter Not Harder' episode. He exposes the government's missteps and gives you the tools to avoid making mistakes when deciding to lock in your mortgage or convert from variable to fixed. Learn how different term options can provide better strategies during times of uncertainty. With James, you're armed with knowledge to make your money work smarter, not harder.

Transcript

Hey guys. Welcome back. You're in the Loewen Group Swag Edition of Smarter Not Harder. Today, we're going to talk about mistakes. If the government's listening, I love you guys totally. If you're not, let's be honest. They lied to us. All right? They've made some mistakes along the way. They lied to us about how fast rates would go up and they lied to us, about when they would start, they did it way earlier. Those two mistakes, what I don't want for you is leads you to making a mistake. When it comes to locking in your mortgage or converting from a variable to a fixed. Let's avoid this really common mistake and help you work smarter, not harder. Well, I'm James Loewen. Let's get going. We're going to lock this in.

Okay, so let's set this record straight. I still feel variable is an okay strategy. I still feel that we're going to be on the way back down eventually. However, if you're feeling uncomfortable or uncertain and you're wanting to have some certainty, i.e. Locking into a pick street, that's okay, and this video is for you. What I want you to start thinking and realize is, let's talk about strategy.

Now, if we agree that the government's done a lot of incredulous increasing, and we know this because we've already lost the $1 trillion across Canada on real estate and wealth, we're probably going into recession. Let's talk strategy. Do we want to lock you in at a high for 4 or 5 years? Where's our different strategy we want to look at? Introduced to the fact that there's maybe a bit more terms than you're aware of. Most people know about a 5-year fixed and a 5-year variable. If I was to tell you, there's also a 1, 2, 3, 4, 5, 7, and a 10-year. The strategy when rates are extremely low, might be a longer term for ride and hold those. When we're in a market of uncertainty like we are right now, the strategy is shorter term.

What I'm suggesting that is more like a 1 or maybe a 2-year term. What does that mean for you? Reach out to your existing lender. Request from them are the renewal options to convert or lock in to a 1 or a 2-year term. Email those to us as unfortunately, lenders won't give us the keys to the castle. We will then review both their options and alternative lenders. We do work with 34 other ones.

As always, your best interests are our interests. From there, we'll help you decide should we stay variable, locked in with existing or move? Either way, you're locked, stocked, in two smoking better options than you have before. I'm James Loewen. This is, Your Rate's Not Growing, Smarter, Not Harder.