▲ 353 ▼ A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up (www.nytimes.com) submitted 2 years ago by GiddyGap@lemm.ee to c/news@lemmy.world 145 comments fedilink hide all child comments
[–] CaptainSpaceman@lemmy.world 4 points 2 years ago (1 child) In USA, refinance happens only when consumer wants to. Usually to get a better rate or cash in on some equity I think. permalink fedilink source parent hideshow 2 child comments replies: [–] cyborganism@lemmy.ca 3 points 2 years ago (2 children) 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. permalink fedilink source parent hideshow 4 child comments replies: [–] ramble81@lemm.ee 3 points 2 years ago (1 child) 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? permalink fedilink source parent hideshow 2 child comments replies: [–] cyborganism@lemmy.ca 1 point 2 years ago 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. permalink fedilink source parent [–] ghost_towels@sh.itjust.works 1 point 2 years ago We have to renew in Oct and we were looking at BMO and they have a 10 year fixed now. permalink fedilink source parent
[–] cyborganism@lemmy.ca 3 points 2 years ago (2 children) 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. permalink fedilink source parent hideshow 4 child comments replies: [–] ramble81@lemm.ee 3 points 2 years ago (1 child) 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? permalink fedilink source parent hideshow 2 child comments replies: [–] cyborganism@lemmy.ca 1 point 2 years ago 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. permalink fedilink source parent [–] ghost_towels@sh.itjust.works 1 point 2 years ago We have to renew in Oct and we were looking at BMO and they have a 10 year fixed now. permalink fedilink source parent
[–] ramble81@lemm.ee 3 points 2 years ago (1 child) 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? permalink fedilink source parent hideshow 2 child comments replies: [–] cyborganism@lemmy.ca 1 point 2 years ago 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. permalink fedilink source parent
[–] cyborganism@lemmy.ca 1 point 2 years ago 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. permalink fedilink source parent
[–] ghost_towels@sh.itjust.works 1 point 2 years ago We have to renew in Oct and we were looking at BMO and they have a 10 year fixed now. permalink fedilink source parent