this post was submitted on 20 Aug 2023
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Mortgages needing to be renewed every 5 years so that banks can jack the the interest rate. Cap residential mortgages at 25 years max and 2% interest for the duration.
Many people lock in interest rates for the life of the loan. Most often 30 years for mortgage loans. You don’t have to renew a mortgage’s interest rate unless you get an adjustable rate one.
This is the main reason why mortgage applications are down significantly right now. People with super low interest rates don’t want to move because they’d have to get a new loan to do so, and interest rates are much higher now. If they stay and they have a fixed-rate loan, nothing changes.
The user you are responding to has an account on a .ca domain. In Canada (as well as UK) it is more common for the rate to only be locked in for 5 years.
Well that's lame... You guys should do something about that, as a US home owner, having a fixed rate mortgage is one of the best parts about owning vs renting.
As a US non-homeowner, I'm not sure what you think I should do about it.
I think it's pretty clear I was talking about the folks you're referring to... not you specifically if you're not in that group... but fair enough.