Quote:
Originally Posted by CorsiHockeyLeague
I would be fine if my home value took a nosedive too... the realistic problem though is for people who are mortgaged at the higher amount on a variable rate, or even a fixed rate that will have to be redone in the next few years, and if their house price drops they'll have little to no equity. So if you can't afford the higher interest rate loan renewal, and you can't sell...
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I think there is a large percentage of people that don’t even realize they would not qualify for the current mortgage they are in now at these rates.
The banks know this and will not give out sweat heart deals if they is zero competition.