As the spring housing market gathers pace Canada’s largest private mortgage lender has spoken out against the recent record-low mortgage rate posted by Ontario credit union Meridian.
As the spring housing market gathers pace Canada’s largest private mortgage lender has spoken out against the recent record-low mortgage rate posted by Ontario credit union Meridian. The headline-grabbing rate of 1.49 per cent comes with a string of conditions and is only for 18-months. Canadalend.com’s president Bob Aggarwal warns that there is always a catch: “An 18-month fixed rate might initially look attractive,” says Aggarwal, “But the cost to borrow will climb if rates increase in 2016.” He said that low rates is only one part of the picture and that using an independent mortgage broker is advised for getting the best rates and a suitable home loan to meet individual circumstances.
