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re: Anyone been able to port their mortgage?
Posted on 11/26/23 at 7:37 am to jojothetireguy
Posted on 11/26/23 at 7:37 am to jojothetireguy
I don't know if it is true (It was on the internet), but one of those banner articles on a browser page was about how screwed up Canada's housing is right now because of their mortgage setup.
The implication was that they don't do conventional 30 years backed by a government quasi agency.
They do 5 year fixed, 25 year amortization loans.
And everyone's 5 year fixed is adjusting upwards.
The other implication was that their income qualifications are not as strict as FNMA, FHMLC, or FHA. So Canada is cash poor right now because of housing expenses (not just housing shortages which they also have like the US).
The implication was that they don't do conventional 30 years backed by a government quasi agency.
They do 5 year fixed, 25 year amortization loans.
And everyone's 5 year fixed is adjusting upwards.
The other implication was that their income qualifications are not as strict as FNMA, FHMLC, or FHA. So Canada is cash poor right now because of housing expenses (not just housing shortages which they also have like the US).
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