Quote:
Originally Posted by Red
I think it's safe to say that all Canadian mortgages are ARM. Not in the teaser rate sense, but none the less, if rates go up here people will be affected at renewal.
And we had 40 year mortgages with 0 down here, not just 30 year. The rates were no different.One hopes that the banks did their due diligence with approvals on those.
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Well again, I don't work in that field. But the mortgages here are not at all like the ARMs in the US as far as I can tell. Sure the terms come up and you have to get another one, but if you had a mortgage in the early-mid 2000's and it came up for renewal you were almost surely seeing reductions as opposed to increases that were mandated by the contract. That is a whole different animal.