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Could 10-year mortgage terms help ease Canadians' "payment shock" at renewal?

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After two years of rising interest rates, about half of mortgages in Canada are up for renewal in the next two years and it means some will likely face "payment shock" over what their new rate could be.

A new report from Desjardins Group suggests making 10-year mortgage terms more available and common — right now only a few lenders provide them — could help ease that shock, especially if they had been available when rates were lower.

As Sean Previl reports, such a term could help but some mortgage experts say it may not make much sense to invest in one at this time.

For more info, please go to https://globalnews.ca/news/10494763/10-year-mortgage-terms-desjardins/
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Category
U.S. & Canada
Tags
global news, Mortgage renewal, mortgage
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