How Canadians Are Responding to Changes on Mortgage Rates

How Canadians Are Responding to Changes on Mortgage Rates

We've been hearing the news lately about the interest rates increase and somehow, we can't help but wonder how it will affect us.

Some consumers have started locking in their mortgage while others are in the wait-and-see mode.

An article in the Financial Post published on April 20, 2010 reveals that Canadians are taking the news on the mortgage rates increase in a not-so-alarming position. After all, we've been there at some point and the recession has given us so much time to understand, plan and prepare for our needs.

Putting our priorities in place would obviously make a difference.

Consumers should look at their financial position, individually and as part of the household, whether they are comfortable with their spending or they need to set aside some more funds for some future undertaking.

In fact, we should all look at and review our contingency plans, in case, things don't work out.

So, have you thought about your plan B?

Sheila Atienza,
Book Author, Canadian Home Financing Simplified: How to Qualify as a Real Estate Buyer
Book Author, How to Prepare to Own a Home in Canada: Recession-proof Lifestyle for Immigrants and First-time Buyers.
You can get your copy through the online bookstores.