25 year mortgage but the term was 4 years. At the end of the 4 years you renew for the balance at the time. I think this is a significant difference between the US and Canada. Your "term" is in this case, four years but is amortized over 25 years. So, if it was a 25 year "term" I would be cool but I have to renew in a year for the balance, plus the heloc.
I don't think they will drop the principal but will they extend if the mtge and heloc are worth more than the house is valued at?
I wonder if the two markets are just so different?
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