When we last had a mortgage our rate was around 5% for a 5 year term
Now it's 3.5%. Still any increase can be difficult depending on income.
http://www.moneysense.ca/spend/real-estate/mortgages/start-early-and-do-your-research-when-renewing-your-mortgage/
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Not sure if it is a B.C. or federal rule (I think B.C.), in order to qualify for a mortgage, they assess your financial situation based on a mortgage rate higher than the current one. The intent is to ensure that people can afford a possible future mortgage rate increase.
ReplyDeleteThat's a new federal rule.
ReplyDelete