If you're in the market for a mortgage or looking to renew an existing one, you better hurry to lock in your rate.

Ann Kaplan, the President and CEO of iFinance Canada says if you're in fixed mortgage now, stay in it.

"If you only have a few months left, maybe three months left in your mortgage rate, before your term runs out, call your bank and try to renew now. They want to keep your business and so likely you can get a lower renewed rate and hold that until the renewal comes in."

Kaplan says if you're in a variable rate mortgage, get out.

"If you have a variable interest mortgage, then you can turn now to a fixed interest mortgage and now is the time to do it before other banks follow suit and their rates rise. Because there's not penalty for moving from a variable interest mortgage to a fixed rate."

Major Banks in Canada have increased mortgage rates into the 5.5 per cent territory this week, but Kaplan says you can negotiate with lenders to get those down over a longer fixed term.

 

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