As a homeowner, you’re likely aware that Canadian mortgage rates have been on the rise recently. This can be concerning for those who are looking to purchase or refinance their existing homes. However, there are strategies homeowners can employ to help offset rising mortgage rates and save money in the long run. Let's take a look at five such strategies.

Strategy 1: Shop Around for Mortgage Rates 

It’s important to understand that not all lenders offer the same mortgage rate. Shopping around and comparing quotes from various lenders is key when it comes to securing the best possible rate. It also pays off to think outside of big banks when shopping – credit unions and alternative lenders often offer competitive rates as well so don't overlook them in your search! 

Strategy 2: Increase Your Down Payment 

Increasing your down payment amount is an effective way of reducing the total interest payments you'll owe over time since larger down payments tend to qualify buyers for lower interest rates (and shorter amortization periods). Many homebuyers opt for 20% down payment but if you're able to meet higher amounts then try to do so - every bit helps! 


Strategy 3: Opt into a Fixed Rate Mortgage 

A fixed rate mortgage locks in your current interest rate regardless of any future changes or fluctuations, which makes this option ideal for those looking for long-term stability with their housing costs despite market conditions. It's worth noting that most fixed loans come with higher interest rates than variable mortgages but they provide more financial security overall given they allow borrowers avoid potential hikes associated with changing market conditions over time. Additionally, many fixed term mortgages come with pre-payment privileges which can help reduce debt faster should economic times change again later on - definitely something worth considering during these uncertain times! 

Strategy 4: Consider Refinancing Options 

Refinancing allows homeowners who already own property access funds by taking out additional debt against it, usually at better terms/rates than what was originally agreed upon prior taking out said loan(s). If done successfully refinancing could potentially even result in savings making this option certainly one worth exploring depending on individual circumstances; though note there may be certain fees incurred along way (examples include appraisal & legal ones) so keep all extra costs mind when weighing options here too please!. 

Strategy 5 : Take Advantage of Government Programs and Rebates 

The federal government has created several programs designed specifically towards helping Canadians facing financial hardship due to rising housing expenses like increased monthly payments etc., due increasing Interest & Amortization Rates Over Time ETC.. For examples Canada Housing Benefit provides low income households up $2 500 annually towards rental expenses while First Time Home Buyer Incentive Program offers eligible first time home buyers 10% back off purchase price IF unit meets criteria--thus making things cheaper upfront instead just paying extra over course life loan itself . Additionally provinces like Ontario have implemented rebate/grant systems wherein people who buy within provincial borders get certain percentages returned after successful sale completion too --definitely something check out if relevant location wise!. 

Rising mortgage rates present a challenge for many Canadian homeowners but there are ways one can protect themselves from potential cost increases associated with everchanging markets trends etc.. Leveraging any combination of above mentioned strategies could result significant savings overtime allowing homeowner maintain greater control finances despite current climate condition surrounding subject matter alike.... All told hopefully article provided some useful tips and advice regarding how handle raise rate situation going forward as ultimately goal remain financially stable during entire process no matter how trying situation might end being in end!