There are a few different reasons to fix your mortgage rate but in our opinion, not all of them are valid. Let’s see if you can pick the right one:
Should I fix my rate to:
- Beat the bank and interest rate market?
- Save money?
- Manage risk?
If you answered C, you’re a winner!
To understand why, think about this. What would your budget look like if rates were to rise by 0.5%, 1% or even 2%? If that thought gets your heart racing a little bit, then it just might be a good idea to think about fixing.
At Professional Partners, we offer a complete interest rate sensitivity analysis service for our clients to help them see the impact of a rate rise on their budget. With rates more likely to go up – rather than down – in the next few years, it might be a good time to contact us to take advantage of this service and give your budget a good ol’ tune-up.