Interest Rates Are Up - Should You Refinance Your Mortgage?

Fresh off the January 25th, 2023 interest rate announcement by The Bank of Canada, Matthew and Danny break down the 25 basis point rate hike and what it means for you. With much higher interest rates than two years ago, is now a good time to put lump sum payments down on your mortgage? We'll that depends. And an interesting conversation on longer amortization periods. Finally, don't miss the heated debate - fixed vs variable!

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00:00 – Introductions
01:44 – Bank of Canada Interest Rates
03:58 – Danny vs Matthew – Variable vs Fixed
12:10 – Should I put down chunks on my mortgage?
17:42 – How does the rate hike effect the market?
22:26 -Longer Amortization?
26:54 - Close

ABOUT MATT:

Matthew Ablakan's journey began at a very young age where trading Pokémon cards began to teach him a variety of skills such as how to Negotiate and the importance of Demand and Supply. As he entered High School, Matthew began to sell Jansport Backpacks, Hair Straighteners and Dog-Tags to his peers. He began to dabble into Mutual Funds on a small scale and began learning more about Investing. Upon entering University, Matthew worked part-time jobs as a cook, waiter and manager of a couple of restaurants in order to help pay for his tuition. Chuck E Cheese, Johnny Rockets and Lucky Strikes taught Matthew many valuable lessons in communication, hard-work, honesty and transparency. It was in those early years that Matthew began to learn more about Real Estate and Invested in his first Pre-Construction Condo at the age of 19 with zero help from his immigrant parents, using a flexible deposit payment plan and part of his student loan. Matthew is the Founder & Owner of the Millennial’s Choice Group of Companies; a Real Estate, Mortgages and Education brand. To better benefit his clients, Matthew has earned numerous degrees including, a Bachelors in Education, a Honourary Degree in Law & Society, a Real Estate Brokers License & a Mortgage Brokers License. Matthew’s track record exudes his professionalism, experience, & most important, his persistent care for each and every one of his clients.

With the growth and success of Millennial’s Choice, Matthew continues to pursue his ongoing commitment to education, now educating Canadians through the Financial Freedom Club, while also coming up with creative ways & ideas to shape the Real Estate & Mortgage industries. Matthew contributes part of his success to his parents who fled the reigns of Communism in the 80s to seek a better life.

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