Interest rates pushed his mortgage from 25 to 47 years
About one in five variable rate mortgage holders at three major banks are now in 'negative amortization' — where the time it takes to pay off the home loan is getting longer. It's causing concern with regulators who plan to reign in the type of loan that allows it. One man saw his repayment period go from 25 to 47 years.
#Mortgage #Canada #News
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