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
Resign is not like quitting. It’s signing for a new mortgage.
Is it possible they took on a very short-term loan I got the low interest payments but each monthly payment was really high. maybe they swapped out for a 30-year loan or something with a higher interest rate
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