• Cyborganism@lemmy.ca
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      8 months ago

      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.

      • ramble81@lemm.ee
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        8 months ago

        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?