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In Canada, the mortgage has to be renewed every 5 years or less depending on your contract. They’ll never let you have a 30 years mortgage on a 2% interest rate the whole time.
In Canada, the mortgage has to be renewed every 5 years or less depending on your contract. They’ll never let you have a 30 years mortgage on a 2% interest rate the whole time.
So what happens if you go to renew and they’re like “screw you, 8%”, and you can’t afford that increase? Do they just foreclose your house?
Well if you can’t afford it, you take a temporary mortgage with the objective to sell.
Otherwise you add a lump sum to reimburse the capital to reduce your payments.
Different banks will offer different rates as well so you can shop around and negotiate.
We have to renew in Oct and we were looking at BMO and they have a 10 year fixed now.