3 ms·
I think most places outside of the US has fixed term lengths of max 5 years for which you can lock in your interest rate.
by rbjorklin 3y ago
I think most places outside of the US has fixed term lengths of max 5 years for which you can lock in your interest rate.
- kypro 3y agoYeah, the US is an outlier. In most countries the government doesn't back mortgage loans so we have to refinance after a few years. Basically every mortgage in countries like Canada and the UK is what the US would consider an "ARM".
- itsoktocry 3y agoCanada's government backs mortgages through the CMHC. We have shorter term fixed rates, usually capped at 10 years. We also have variable rate mortgages, which are ARM equivalent.
- red-iron-pine 3y agoyeah common in Canada. Generally 5 year. House is amortized over 25 but you basically renew the loan every 5 years. US-style 15 and 30 year are unheard of. Kinda glad I didn't buy during COVID cuz I'd be getting slammed now...