Depends on where you live. Odds are most people reading this are in the US or Canada where fixed interest rates for life of the loan is common, though you can get an ARM. However in many other countries you cannot get those loans, and those people have to renew every few years.
I haven’t heard of having to renew mortgage interest rates. A fixed interest rate should be good for the life of the loan.
I’m at 2.875% on a 25-year loan. I never plan on moving.
Depends on where you live. Odds are most people reading this are in the US or Canada where fixed interest rates for life of the loan is common, though you can get an ARM. However in many other countries you cannot get those loans, and those people have to renew every few years.
Not Canada. Highest I’ve seen is 10 year, most of the time it’s 5.
I stand corrected.
15 and 30 year fixed mortgages is pretty unique to the US.