Knight Mortgages

03/25/2026

Kind words, thank you! 🤍

12/31/2023

Wishing everyone a safe and Happy New Year! 🥂🎉

12/25/2023

Wishing Everyone a Merry Christmas! ❤️💚🎄

11/13/2023

Feels more relevant than ever these days 🧡

11/11/2023

11/07/2023

Let’s Talk Mortgage Renewals & Rising Rates 📈

Mortgage renewals is a topic that has garnered a fair bit of media attention recently. And for good reason. Those facing a mortgage renewal in the coming months or even in the next year are rightly concerned about the impact higher rates will have on their monthly payments.

However, it’s important to remember that there are options available to help reduce potential ‘payment shock.’ Below are just several strategies you can consider for an upcoming renewal…

It’s easy to grow anxious when reading about rate increases and imagining the impact it may have on your own mortgage. But it’s crucial to be informed of the actual impact rate increases may have on your payments—and it could be less than you expect.
For example, if you’ve got an existing 5-year fixed-rate mortgage at 2.00% and are facing a renewal rate of around 6.00%, that’s a tripling of interest rates. But that’s not to say that your payment will triple. In this scenario, your payment would rise by roughly 40%. And that’s before exploring other options to reduce the monthly payment. For example, if you re-extended your amortization from 20 years up to 30 years, the payment increase could be reduced to under 20%.

As noted above, lengthening your mortgage amortization is one strategy to consider. While this may result in paying more interest over time, it can significantly reduce your monthly payments, providing short-term financial relief without compromising your long-term financial security.

If your mortgage is insured (meaning you made a down payment of less than 20%), it’s worth exploring other lender options. Unlike uninsured mortgages, which face re-qualification under the stress test if you switch lenders, insured mortgages do not face such restrictions.

In times of rising interest rates, preparing for your mortgage renewal is a proactive step toward securing your financial well-being.
If you have any questions, concerns, or simply want to explore your mortgage options further, please do not hesitate to reach out.
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Lauren Knight
YYJ Mortgage Broker
[email protected]

10/31/2023

Shout out to the people who hand out full size chocolate bars on Halloween!
🍡🍭🍬🍫

10/25/2023

✨That lighting though✨

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Lauren Knight
YYJ Mortgage Broker
[email protected]

10/09/2023

Wishing you and your families a Happy Thanksgiving!
🦃🥂

10/05/2023

Very grateful to our teachers and all they do for our kids! 🍎

08/24/2023

I can’t believe this is a day 😆 But I love a good waffle and any excuse to eat one 🧇 🍓🍽️ 😍Who’s with me?! Are waffles your brunch go-to?
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________________________
Lauren Knight
YYJ Mortgage Broker
[email protected]