2024-01-07 10:00:00
Posted at 5:00 a.m.
“When you take out a mortgage anywhere else, the interest rate is valid for the duration of the mortgage (15, 20, 25 years), whereas in Canada, we must renew it for a fixed duration at the end of the year. within the mortgage period.
“The current problem of rising rates for borrowers does not exist in Europe or the United States. So what are the reasons for this system, which puts pressure on borrowers and none on Canadian banks? »
JP Latta
“Why don’t Canadian banks, which we pride ourselves on being so stable, offer real fixed-rate mortgages for 10, 15, 30 years like in the United States?
“If some rare Canadian banks offer these stable long-term rates, there is no mention on their website or their leaflets. These real fixed loans offer peace of mind, a predictable budget and are still renewable downwards without penalty if rates fall.
“Having lived in the United States for a long time, we took out a 30-year mortgage first at 6.5% in 2011, renewed at 4.5%, finally renewed for 15 years at 3%. Each time, the rate was a little higher than variable loans for one, three or five years, but the peace of mind, the stable budget, and the ability to plan for the long term made it well worth it. »
G. Brassard
“I have lived in Belgium for over 20 years. Here, the rate obtained will not expire during the loan period. For example, if you obtain a loan of €200,000 with a rate of 3.5% for 20 years, the rate will not change (unless of course you “repurchase” the loan if the market rate returns lower).
“There are many advantages in this offer: enormous stability for the family budget and greater stability for the real estate market and purchasing power.
“Why then in Quebec might we not obtain this stability? This might avoid putting many owners in difficulty. »
S. Bouchard
1704634470
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