Mortgage Rate Renewal Concerns
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Business & Economics
What to do now if you’re facing higher mortgage payments in 2025
71% Informative
For everyone who took out a mortgage during the ultra-low interest rate years , renewing it in 2025 means bracing for significantly higher monthly payments.
While the exact rates for later this year are uncertain, there is hope that the downward trend will continue despite Canada ’s geopolitical challenges.
There are ways to prepare and soften the impact of higher mortgage payments.
A mortgage renewal in 2025 may seem daunting but understanding all your options and being flexible with your financial approach can help you stay on solid ground.
Refinancing comes with new qualification requirements, but if you apply to refinance at the time of your mortgage renewal, penalties and fees should be minimal or nonexistent.
The key is to be proactive — start early, explore your options, and make necessary adjustments.
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