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Yeah, 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
by kypro 3y ago
Yeah, 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.