So school is back and the lazy days of summer are behind us…are you maybe feeling a little gloomy… if so, let me cheer you up with some good news…
As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.
At 10:00 am EST, Wednesday September 3rd, 2014 the Bank of Canada again did what we expected them to do … they continue to maintain their overnight rate and in fact are not likely to make any change until possibly 2016 now! I feel like I have been repeating myself over and over again as they actually haven’t made any change to the rate since September 2010 – that’s 4 years exactly that you have been benefiting from the low prime rate on your mortgage, line of credit or student loan. But I have a question for you…in the last four years have you REALLY made the most of the low payments you have had? How much do you have saved up or how closer are you to your mortgage burning party because you have made extra payments on your mortgage? Or maybe you just got a little carried away and have some high interest credit card debt that you can’t seem to pay off in full each month.
Don’t worry, if you don’t think you are as ahead as you would like to be, we can work together to create a plan to get you back on track… so back to school isn’t just for the kids…us adults can benefit from going to back to the drawing board with our finances, savings and future financial wealth goals. I’d like to offer you a 20 minute pro bono consultation to see what we can do to help hit those wealth goals and dreams for you and your family. Get a clear financial outlook void of expensive debt and it won’t be just the leaves that are falling in a month or two, but the amount of unnecessary interest and debt you have as well… lets get you closer to that Mortgage Burning Party! It’s never too late to start planning. Maybe this doesn’t apply to you but you have a friend or family member that we could help, feel free to share this information with them.
The Bank of Canada says “The global economy is performing largely as expected” so they continue to wait and see economic growth continue on a more upward direction before increasing rates.
Fixed rates haven’t changed much at all since the last announcement and are around 2.99% to 3.09% for a five year fixed term.
The next announcement on any change to the prime rate is October 22nd, 2014 at which time I’ll be in touch again.
I wonder if I can ask a favour, going with my theme of “Let the sun set and the leaves fall along with Canadian consumer debt with our help” if you hear a friend or family member talk about going thru a financially tough time – maybe I can help with some budgeting, credit counselling and debt consolidation options for them. In either of these cases, would you mind passing my contact information on to them – this is very much appreciated
Eva Neufeld AMP