“We’ve seen this year people struggling with their debt payments to the point where they are selling their homes to buy something less costly to consolidate debt into one payment or even eliminate it,” says Matt Leggett, senior vice-president and mortgage broker at Ratehub.ca in Calgary.
The survey by online mortgage marketplace RatesDotCA found 58 per cent of homeowners with a HELOC have a balance, with about eight per cent making interest-only payments.Article content Among reasons for using their HELOC, the survey found more than three in 10 Canadians used it for home renovations. “Depending on your amortization, interest rate hikes with a variable mortgage are not as significant because the calculation is based on the amortization,” he says, adding the payment is a combination of interest and principal. In most cases, borrowers see their amortization increase but not their monthly payments.
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