Previous article we shared on the effect of rate hikes and cooling measures and how it will affect would be home buyers, this article we will be sharing how it would affect home owners.
With the FED revising the interest rates upwards and our government implementing more property cooling measures, things will swing in favor of buyer market. Home owners who are already on tight cash flow and had over leveraged for the property purchase will encounter cash flow difficulties with the interest rate hike. Focus should be on improving your cash flow by either increasing your income or to reduce your monthly expenses. One way of reducing your monthly expenses could be to relook into your existing mortgage plans and their interest rates. If it is higher than the current rates, you could do yourself a favor by refinancing and possibly locking in the rates for the next 2 to 3 years so the impact of rising interest rates is capped. You could approach our consultant if you are at a cross road on how to improve your cash flow or need assistance to refinance your existing mortgage.
Disclaimer: All information are for informational purposes only and should not be relied upon as financial advice.