Higher Mortgage Rates Are you Ready

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Higher Mortgage Rates Are you Ready 0

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Five ways to prepare for higher mortgage rates:

1. If you’re buying, don’t borrow as much as lenders will allow you to have.

2. If you have a variable-rate mortgage, where costs rise along with your lender’s prime rate, set your payments higher than they need to be to create a cushion to absorb rate increases.

3. Make a lump-sum payment on your mortgage or increase your regular payments.

4. Find out what your mortgage balance will be on renewal and use an online mortgage calculator to project what your payments could be if you were to renew at higher rates.

5. Remember that higher mortgage costs will limit your ability to carry other debts.