Those with mortgages due for renewal in the near future are on pins and needles awaiting a decision by the Bank of Canada tomorrow on interest rates.

Expectations have been high since last week’s report showed annual inflation cooled to 2.7 per cent in June. Last month’s cut reduced the central bank’s key rate from five to 4.75 per cent.

David Buckingham, Vice-president with Janes & Noseworthy licensed insolvency trustees, says any decrease in rates will help people overall but it all depends on how close one is to the edge. A mortgage which goes up by five or six per cent is a significant increase.

Buckingham says it’s important to do your homework early in order plan for what you’re going to face.

“What do I do next, where do I turn and what are my best options. Figure out what the rates may look like. The earlier you speak with someone—whether that’s me or somebody else in the field—the more options you will have,” says Buckingham.

The new rate comes down just after 11:00 am NST.