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Is your mortgage coming due in 2025? Here's how you can prepare for renewal shock

The article from The St. Catharines Standard discusses the impending "renewal shock" for Canadian homeowners whose mortgages are due for renewal in 2025. It highlights that many homeowners, particularly those with variable-rate or short-term fixed-rate mortgages, might face significantly higher interest rates upon renewal due to the Bank of Canada's recent rate hikes. The piece advises homeowners to start preparing by assessing their financial situation, possibly extending amortization periods to lower monthly payments, or considering breaking their current mortgage to lock in a fixed rate now if it's financially beneficial. It also suggests looking into refinancing options, making extra payments if possible to reduce the principal, or even selling the property if the new payments become unaffordable. The article emphasizes the importance of understanding one's mortgage terms, shopping around for the best rates, and consulting with a mortgage broker to navigate the renewal process effectively.

Read the Full St. Catharines Standard Article at:
[ https://www.stcatharinesstandard.ca/business/personal-finance/is-your-mortgage-coming-due-in-2025-heres-how-you-can-prepare-for-renewal-shock/article_0456a240-cb6b-5e24-930f-72254f0dc887.html ]