Big Banks to Increase Mortgage Rates

Today the largest banks in the country announced that they will be increasing their mortgage rates.  The increases range from 25 basis points to as high as 85 basis points.  TD announced the largest increase by raising rates by 85 basis points.  While Royal Bank, CIBC, and National Bank are all increasing rates by at least 25 basis points.

I did some research and found out that even though the major banks have made increase smaller lenders seem to be holding steady for now.  So if you are in the market for a mortgage, whether it be a first, second, third, or secure line of credit I recommend heading to mortgage broker to let them secure the best rate for you.  For more information on Mortgage Brokers and how they can assist you in financing a property or equity loans, contact Lance Stoute @ 416-422-3343 or info@propertyedge.ca

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