4 ms·
No, the US is the outlier with the 30 year fixed rates. Canada not only has variable rate mortgages, but instead of the rate just adjusting, they essentially ha
by xxpor 4y ago
No, the US is the outlier with the 30 year fixed rates. Canada not only has variable rate mortgages, but instead of the rate just adjusting, they essentially have 5 year mortgages, with a balloon payment at the end. If you can't roll it over into a new load (say because your debt to income is now too high), you're screwed.
- gambiting 4y agoSounds the same as UK then.
- sleepdreamy 4y agoWow - this is mind boggling. Also..kind of scary? I guess any big financial decision is scary but I didn't know that was America exclusive. Do you know if European countries have fixed rates or does it go up ever 5 years or so
- ddorian43 4y agoEurope is like Canada. Often there is 3 or 5 years of fixed, but then it's often euribor 12month + spread. Often in Albania it's euribor 12M + 3 or 4.