Canadians renewing their mortgage in the next six to eight months face a three-pronged dilemma.
On the flip side of that, the prospect of no more hikes is also a headache for those with upcoming renewals. Some economists expect rates to decline fairly rapidly – as soon as the spring of 2024 – after topping out. Those with impending renewals risk locking into record-high rates and missing out on future cuts.
Keep in mind also that resetting the amortization usually means you’ll pay more in interest over the life of the loan as you take longer to pay it off.
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