Canadian interest rates are relatively low right now, and the experts say they may even drop more in the next months. This means that now is the perfect time to nail down an interest rate if you are planning to buy in the near future.

When you are pre-approved for a mortgage, your Mortgage Broker can reserve an interest rate for you for up to 120 days. If the rates go up in that time, you keep your better figure as long as you purchase a home before your time limit runs out. If the rates drop, you get to keep the lower rate. It's a win win situation!

If you are not planning on buying in the near future, keep this concept in mind. A little financial forecasting can save you a lot of money, and perhaps even increase the amount you'll be able to borrow.