Homeowners in Canada are likely to be feeling the squeeze lately.
While the price of a home in Canada is expected to correct soon, recent interest rate hikes have made some homeowners worried that they will have to sell their homes if rates were to go up anymore.
And, although it’s tough out there, RATESDOTCA expert and licensed mortgage agent Sung Lee,, has put together some tips for anyone with a mortgage looking to save some cash.
One of the first pieces of advice Lee has is for homeowners is to look at changing their amortization — also known as the duration of your mortgage.
This means temporarily increasing the length of your mortgage so that your monthly payments can go down.
Of course, extending your mortgage does end up costing you more in the long run, as you will pay more in interest over time.
That’s why it’s recommended you only adjust your rate for a short while. Once…
