
New Video: RENEWAL CRISIS - Borrowers Who Took Short Term Mortgage Face Big Challenges
RENEWAL CRISIS - Borrowers Who Took Short Term Mortgage Face Big Challenges
For many Canadian homeowners, the time has come to renew their mortgages. However, this year's renewal season is shaping up to be more challenging than previous years. The reason? A significant number of borrowers who took out short term mortgages are now facing a renewal crisis.
In recent years, many Canadians opted for short term mortgages with the hope of taking advantage of the historically low-interest rates. These mortgages typically have a term of two to five years, after which borrowers must renew or refinance their mortgages. However, with the recent increase in mortgage rates and stricter lending rules, borrowers are now facing a difficult decision when it comes to their mortgage renewal.
The current mortgage rates in Canada have been on the rise, making it more expensive for borrowers to renew their mortgages. For those who took out short term mortgages, this means a significant increase in their monthly mortgage payments. And with the stricter lending rules, many borrowers may not qualify for a new mortgage with a different lender, leaving them with very few options.
So, what can borrowers do in this renewal crisis? The first step is to stay informed about the Canadian real estate market and mortgage rates. Keeping track of the current trends and rates can help borrowers make informed decisions about their mortgage renewal.
It's also essential for borrowers to review their financial situation and make any necessary adjustments before their mortgage renewal. This could include paying off any high-interest debts, reducing expenses, or increasing income. These steps can help borrowers qualify for a better mortgage rate or negotiate a lower rate with their current lender.
However, the best way for borrowers to navigate through this renewal crisis is to seek the help of a mortgage professional. Justin Chausse, a trusted mortgage broker, has years of experience in the Canadian real estate market and can provide valuable insights and advice for homeowners facing a mortgage renewal. He can help borrowers explore their options and find the best solution for their unique situation.
If you're facing a mortgage renewal and are feeling overwhelmed by the current market conditions, don't hesitate to book a call with Justin Chausse. He can help you navigate through this renewal crisis and ensure that you make the best decision for your financial future. Don't wait until it's too late – book your call today and secure your mortgage renewal Canada.
Call to action: Book a call with Justin Chausse today and stay informed about your mortgages in Canada. Don't let the renewal crisis catch you off guard – let Justin help you make the best decision for your financial future. Click here to schedule your appointment: https://chaussemortgages.ca/appointment/