Below is a snipet from a Globe & Mail article over the weekend explains how homeowners in Canada have been spoiled with fixed in the range of 2.5-3% in the recent past. Now that these mortgages are coming up for renewal, the shock of what the new payment will be can be alarming. Re-allocating hundreds of dollars to a mortgage payment can seem impossible!
SOME TIPS: shop renewal interest rates, consider a variable rate mortgage, extend your amortization if possible, and if your mortgage is insured some banks offer MUCH more competitive rates!
Ask me for more details if your mortgage is coming up for renewal!