Blog Article

Friday, 01 September 2023

By Leahs Mortgages

Leah Zlatkin quoted in Global News: ‘Mortgage stress looms over Canada’s big banks. What they — and consumers — can do’

Mortgage broker and expert Leah Zlatkin tells Global News that there’s a lot of “uncertainty” in the mortgage space right now as clients approach renewals and the Bank of Canada’s interest rate hike cycle remains active.

Regardless of where the Bank of Canada’s rates are going, Zlatkin says the first step for any homeowner with a mortgage term coming up is to reach out to your current lender and get a quote for the rate they’ll be offering at renewal, preferably at least six months in advance.

“Once you get the renewal offer from your lender, reach out to a mortgage professional and make an educated decision about whether you can get a better rate somewhere else … or whether this is, in fact, the best renewal offer you can get — and then sign that paperwork,” Zlatkin says.