Mark Carney signals interest rates to rise

‘With recent improvements in the economic outlook, the need for such extraordinary policy is now passing,’ Bank of Canada says.

Read the full article here in today's Globe and Mail online - http://www.theglobeandmail.com/report-on-business/economy/mark-carney-signals-interest-rates-to-rise/article1540317/

If you haven't pulled out and dusted off your mortgage statement recently, now is a great time to have a look. Do you have an interest rate high enough that it might justify breaking your mortgage, paying the penalty and getting in at a lower rate? Perhaps you've been sitting on the variable vs. fixed rate fence and might be wondering if you should lock in?

Call your banker for options and remember to shop around. There's a few banks out there offering 2% plus cash back if you bring your mortgage to them. But of course, they've capped the offer and have their limits, so make sure to read the fine print as always and crunch the numbers.

You'll have to call your bank to find out what your penalty would be if you broke your existing fixed term mortgage, but you can get online and play with different interest rates and even do some pre-remortgage shopping.

A few calls could potentially save you thousands of dollars. Have a look at your mortgage details today.