- Joined
- Apr 26, 2010
- Messages
- 171
I have a friend who bought a house in Ajax a few years ago. Yesterday he came over and was telling me about his woes.
He is self employed and got a mortgage at about 5%. He got a letter saying that his mortgage is not being renewed. The lender is from the States and they are no longer going to do business in Canada
One of his neighbors is also in the same boat. He`s been calling around and the best deal he can find so far is about 8%. He has about 25% equity.
http://www.canadianmortgagesinc.ca/2010/04...their-term.html
So if you have a self employed mortgage check if your lender is renewing their mortgages. Some people my well have to sell their homes because they cannot get alternative financing.
He is self employed and got a mortgage at about 5%. He got a letter saying that his mortgage is not being renewed. The lender is from the States and they are no longer going to do business in Canada
One of his neighbors is also in the same boat. He`s been calling around and the best deal he can find so far is about 8%. He has about 25% equity.
http://www.canadianmortgagesinc.ca/2010/04...their-term.html
So if you have a self employed mortgage check if your lender is renewing their mortgages. Some people my well have to sell their homes because they cannot get alternative financing.