, the Most Trusted Private Mortgage Brokerage in Canada, Warns First-Time Home Buyers That Interest Rates are Rising

Toronto, Canada (PRWEB), June 17, 2013 – , the leading low-cost private mortgage solution provider in Canada, is warning first-time home buyers and those looking to refinance that mortgage rates are rising.

The bond market in Canada is changing. The average yield on three- to five-year Canadian bonds has gone from 2.5% to 1.37%. For those looking to get approved for a mortgage or refinancing, it’s important to remember that interest rates move in the opposite direction of bond prices. For weeks, the major banks have been selling five-year rates well below 2.99%, but the Royal Bank of Canada (RBC) said that on June 10, it was raising its residential five-year fixed rate to 3.29%. (Source: RBC Royal Bank press release, “RBC Royal Bank changes residential mortgage rates,” , June 7, 2013.)

“RBC is increasing its rates because its own borrowing costs are rising. In which case, other lenders, because they have similar borrowing costs, will have to follow suit,” says Bob Aggarwal, president of “While that slight increase may not sound like a lot, it can add up. On a 25-year, $400,000 mortgage, that translates into an additional $42.00 per month, $504.00 per year, or $12,600 over the life of the mortgage.”

“As Canada’s most trusted private mortgage brokerage, it’s important for first-time homeowners to consider initiating their pre-approval process as soon as possible,” Aggarwal says. “In Canada, the pre-approval lasts for 120 days and is locked in from the day a homebuyer starts the process, though they are not obligated to use the pre-approval. If a first-time homebuyer changes their mind, the pre-approval simply expires. At the same time, with interest rates rising, getting pre-approved now could potentially save prospective buyers tens of thousands of dollars.”

“Where should first-time homebuyers turn to get pre-approved for a mortgage? Banks only sell their own products. A mortgage brokerage like, on the other hand, has independent, licensed agents that can draw from a variety of lenders who provide mortgage products and provide impartial advice,” Aggarwal observes. “It’s also interesting to note that mortgage brokers account for 25% of all mortgages. For new mortgages in the last 12 months, that total rises to 31%.” (Source: Dunning, W., “Change in the Canadian Mortgage Market,”, May 2013.)

To learn more about, visit the web site at . is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast-to-coast. provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and help in addressing financing concerns.

Bob Aggarwal

Mr. Aggarwal was one of the original founders of, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of, Mr. Aggarwal has been instrumental in developing the operating platforms, and policies and procedures which have guided the organization to date.


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