I feel for this guy, but something isn’t adding up.

  • he has lived in this house for 3 decades
  • his mortgage is still so high, that the recent interest rate hikes have taken his mortgage payments from $1K to $2.6K
  • yads@lemmy.caOP
    3·
    1 year ago

    I’m Canadian. You’re right that our mortgages are basically all adjustable rate mortgages as the longest we typically can lock a rate in is 5 years. However, you absolutely can pay it off. Some people just choose not to and keep extending their mortgage. There has to be more to the story like I said. It just doesn’t make sense.