Mortgage Renewal In 2024? How To Avoid Payment Shock (Canada 2024)

[@victorcamba]

Need help with your mortgage renewal? Contact me today: [e-mail] 416-435-8340

[@jamessullenriot]

I renew in October. I started getting skeptical in 2022 when rates were low and there was all kinds of economic BS indicators going off. In early 2022, started adding $1k extra per month thinking we should start getting used to it early. Also, any bonuses, or extra cash flow, put that on the mortgage. Now, our mortgage is renewing but "only" going up about $400 or so. Which means, of that $1k we were doing extra per month, now we can still do about $600/month. Pre plan if you can, and never listen to politicians or bankers 😂. Also, Canadians should be outraged about the renewal process. The US economy is dealing with higher interest rates, but only for new buyers. Each month there is a bunch of money coming out of the Canadian economy and going to banks in the form of interest. Its so bad and needs to change

[@raptorsfangirl561]

Our mortgage is up for renewal insured switch. The biggest challenge we have is going variable with predicted drop in interest rates in 2026 vs 5 year fixed. We already have a broker.