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
It sounds like op is talking about someone buying a property with a basement suite and using the rent from that to pay their mortgage.
Why if they bought at 2.1% they would have to refinance at 6.8% is confusing me.
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