I read a comment on a post about high rent that said that, “[they probably] bought a $550,000 house with a built in basement suite to help cover [their] 2.1% mortgage 4 years ago and [they] just had to resign at 6.8%”.
Please what renewing or resigning means in this context. I’ve never bought a house and I barely know about mortgages from movies. TIA!
In: Economics
They could be Canadian, in which case unlike American mortgages which allow you to lock your rate for the entire duration of the loan, Canadian mortgages are typically ARM style, where the rates are readjusted every 5 years
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