Lots of people had them, particularly when rates were 1% and fixed was 2%. Standard mortgages here only offer 5 year fixed rates, so even amongst those that got fixed rates, 20% come up for renewal on any given year. Most people who have their mortgages coming up in a year or so have no idea what kind of pain they are in for.
I was in this crowd and had to pay $5k penalty to switch lenders and lock in a better rate last fall.
It’s a game that’s rigged so that a good chunk of people will fail, and everyone gets squeezed.
Just woke my husband up (he’s the money manager) and asked him if we had fixed vs variable on our house and warehouse… he gave me the stink eye for waking him up, but so glad to know all our mortgages are fixed at 3%! Whew! I can sleep now! And the warehouse will be paid off in less than two years 😎. Thanks for listening!
Lots of people had them, particularly when rates were 1% and fixed was 2%. Standard mortgages here only offer 5 year fixed rates, so even amongst those that got fixed rates, 20% come up for renewal on any given year. Most people who have their mortgages coming up in a year or so have no idea what kind of pain they are in for.
I was in this crowd and had to pay $5k penalty to switch lenders and lock in a better rate last fall.
It’s a game that’s rigged so that a good chunk of people will fail, and everyone gets squeezed.
Just woke my husband up (he’s the money manager) and asked him if we had fixed vs variable on our house and warehouse… he gave me the stink eye for waking him up, but so glad to know all our mortgages are fixed at 3%! Whew! I can sleep now! And the warehouse will be paid off in less than two years 😎. Thanks for listening!
Yeah. Canada is weird. There are basically 5 banks that have an oligopoly, and they march in lockstep. There’s no real “choice”