Three Major Canadian Banks Raise Interest Rates. Are You Prepared For The Increase-姉summer

Personal-Finance Three of Canada"s major banks (Royal Bank, TD Canada Trust and Laurentian Bank) have announced that they are raising their mortgage rates. The changes affect closed mortgages with terms of three, four and five years. This increase has come on the heels of speculation that the Bank of Canada may raise interest rates on their next public announcement. So why is this happening and what does this mean to the average Joe? After the World Trade Center tragedy in 2001, mortgage rates were brought to an artificially low level for a long time. I believe this contributed to the housing bubble in the US. In 2007, the interest rates started to be raised incrementally by the Bank of Canada and Federal Reserve. I believe this contributed to the recent recession. When the economy started to crash the Bank of Canada and Federal Reserve returned interest rates back to artificially low levels. Interest rates have nowhere to go but up really. When interest rates go up, those who have open or variable rate mortgages and lines of credit have to pay attention and be prepared to make fast decisions. You may decide that it"s time to renegotiate and lock-in your mortgage or refinance your line of credit into a fixed term loan. In an unstable economy the strength of an individual"s financial profile is vital. Anytime you renegotiate your mortgage or a credit product your bank will underwrite a fresh loan application. Small changes in circumstances (maybe you"ve changed jobs), type of income, amount of debt etc" can result in your bank deciding you no longer qualify for credit with them, even if you have a high credit score. If this happens you may find other institutions following suit. Your credit score is only one of over 15 areas of your financial profile that your bank considers when deciding if you qualify for credit. Knowing how your bank views the state of your credit and finances will arm you with the information you will need to have a strong financial profile. Canadians and Americans are using True Assess to get their Financial Report Card to just that. What is your Financial Report Card? 1.It is your personalized financial report. 2.Follow True Assesses easy-to-use, confidential, online questionnaire and you will instantly receive your personal Financial Report Card. 3.True Assess will grade the areas of your financial profile that are considered by banks when determining your credit worthiness, applying the same lending criteria used by the major financial institutions. 4.True Assess then makes practical and realistic recomm endations so that you can improve your low grades (poorly rated areas of your financial profile). What is really amazing about this report is that once you have straight "A" grades you will notice that the banks will start to compete for your business, you will increase your borrowing power and qualify for the lowest interest rates. Don"t face rising rates unprepared. Find out more at .trueassess… About the Author: By: akansha tyagi – Recently there has been a frenzy of activities in Thane real estate market with properties in Thane on the rise. With the soaring property rates in Mumbai city and the increasing population woes, more and more people are now moving to Thane which is one of the major locations of … By: Arwind Sharma – A small article on how to ensure smart buying. Read the article for more information. By: Mike Flowers – Small entrepreneurs who dream to set-up their business but lack the resources often find themselves unable to follow their dreams. 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