GiddyGap@lemm.ee to News@lemmy.world · 8 months agoA Huge Number of Homeowners Have Mortgage Rates Too Good to Give Upwww.nytimes.comexternal-linkmessage-square132fedilinkarrow-up10arrow-down10
arrow-up10arrow-down1external-linkA Huge Number of Homeowners Have Mortgage Rates Too Good to Give Upwww.nytimes.comGiddyGap@lemm.ee to News@lemmy.world · 8 months agomessage-square132fedilink
minus-squareCyborganism@lemmy.calinkfedilinkarrow-up0·8 months agoIn 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.
minus-squareramble81@lemm.eelinkfedilinkarrow-up0·8 months agoSo 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?
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?