Many Canadian homeowners are facing mortgage renewal with higher rates than their current mortgage.
Option A
One option for homeowners is to negotiate with their lender to try to get a lower rate or longer term.
Option B
Another option is to switch to a variable-rate mortgage, which carries the risk of rising interest rates.
Option C
Home owners can also consider increasing the amortization period of their mortgage.
Some homeowners may also be eligible for mortgage assistance programs offered by the government or non-profit organizations.