Canadalend speaks out against recent ‘record low’ mortgage rate

Canadalend speaks out against recent ‘record low’ mortgage rate

Canadalend speaks out against recent ‘record low’ mortgage rate 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. 
 
2 Comments
  • Mike 2015-05-01 8:49:24 AM
    Wow Bob is brilliant. Will it cost me more to fill my car with gas if the price of gas goes up? In the meantime Meridian buys more free front page press.
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  • Ron Butler 2015-05-01 10:02:58 AM
    Yeah, you can always depend on some mortgage brokers to shoot themselves in the foot. Low short term rates are bad, a time machine allows me to tell you exactly what future rates will in 18 months. Blah, blah ....... use a brilliant professional for great results. Consumers must laugh out loud when they read this stuff.
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