Leah Zlatkin quoted in Global News: ‘Renewing your mortgage? What the Bank of Canada’s rate cut means for you’

https://globalnews.ca/news/11436984/renewing-mortgage-bank-of-canada-rate-cut/

Whether you’re planning to renew with a fixed- or variable-rate mortgage should depend on what your housing needs are, said Leah Zlatkin, licensed mortgage broker and COO of Mortgage Outlet.

If you’re planning to move in a few years, a variable mortgage might make sense since it typically has a lower penalty if you want to break it.

“That’s going to offer you more flexibility should you need to break it. If everything’s going to remain consistent, and you’re good to go for the next three to five years, you can absolutely lock into a fixed,” she said.

Zlatkin recommends you start shopping for a new mortgage at least four months ahead of your renewal date.

“If you’re sitting in the five per cent range right now, it might be a good time to break that mortgage and look for a lower rate,” she said, adding that the closer to the renewal date you break your mortgage, the lower the penalty is likely to be.