Hi I was listening to a pod cast and they mentioned how Americans can lock in a mortgage interest rate for 30 or 15 years. In canada you can lock in a rate from 1 to 10 years but the average is 5 years. Also US banks will offer lower interest rates for the entire term of the mortgage. Aren’t the banks losing out on potential future profits doing this?
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And if you try and suggest that to a Canadian, they gasp as if it’s some giant impossibility. That’s how all mortgages should be.
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