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In a few short years, interest rates have risen to more than five percent from 1.79 percent in late 2020. The low-interest rate helped drive real estate sales and home prices upward.
If you’re a new home buyer, or if your mortgage is coming up for renewal, there are several key points to consider. An interest rate increase of two or three percentage points means significantly larger mortgage payments. This is important to keep in mind as interest rates are expected to continue to rise.
DOWN PAYMENTS
The National Bank of Canada states that a family with a median household income of $78,000 a year will need 6½ years to save a minimum down payment of about $50,000 on a house or condo, which averages in Canada $770,000. In our region, we have not seen the exorbitant prices as the rest of the country, but most families will still have to save for several years to make a minimum down payment.
FIXED-RATE OR VARIABLE MORTGAGE?
Fixed-rate mortgages allow you to fix your interest rate locking in your payments for whatever term you choose.
Variable-rate mortgages are generally lower than fixed rates but as they are variable they can rise higher than fixed-rate mortgages.
MY MONTHLY PAYMENTS
To understand how a rate increase could impact your monthly payment, check out our mortgage calculator, which allows you to plug in your mortgage at various interest rates. Or, better yet, contact one of our NPSCU mortgage advisors who can help you decide what’s best for you and your family at 1-877-787-0361
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Ted is passionate about Credit Unions, having served within the co-operative system across Canada for over 25 years. Ted’s longstanding career began front of house serving Members, as a financial services representative with Island Savings Credit Union on Vancouver Island back in 1994.
Ted furthered his education and experience within the credit union system laddering into leadership at Kootenay Savings in Trail, B.C. where he served as the senior regional manager of retail sales and member experience. During this time Ted actively served the community, volunteering with the local fire department, a director on Regional District board and as Mayor of the Village of Warfield just outside of Trail.
In 2017, Tignish Credit Union on Prince Edward Island appointed Ted as their new CEO where he served as chair of the Atlantic credit unions’ CEO advisory board, chaired the P.E.I. credit unions’ CEO committee and became an active board member of the Atlantic Chamber of Commerce where he participated in fundraising for the new Ronald McDonald House in Halifax.
In 2020 Ted made the move back west to be closer to extended family and recently joined North Peace Savings and Credit Union. Ted as CEO brings a wealth of credit union financial management and leadership experience to his new role.
In their free time, Ted and his family enjoy taking part in a variety of outdoor activities such as fishing, mountain biking, camping, and riding horses, which makes the North Peace Region the perfect place to call home.
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