Sticker Shock at Mortgage Renewals: Saving Money in a Higher Rate Environment

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Sticker Shock at Mortgage Renewals: Saving Money in a Higher Rate Environment
MortgagesInterest RatesHome Equity
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Millions of Canadians face higher mortgage payments as rates rise. Experts offer strategies to navigate the increase, including leveraging home equity and shopping around for the best deals.

Many Canadians will be facing mortgage renewals this year and while rates have come down slightly, for many the costs will still be much higher. So, how do you save money?

That means a $400,000 mortgage could cost you about $250 more per month after you renew than it did five years ago.Napolitano said you could use your home's equity to extend your amortization period at renewal to lower payments if needed. A person on board a plane at Boston Logan International Airport that was taxiing for takeoff suddenly opened an exit door and was quickly restrained by other passengers, authorities said.Longtime friend mourns the death of N.S. woman killed in Edmonton

The University of Guelph is dealing with what they are calling a ‘cluster of illness’ among students living in residence.Remembering the Flight 752 victims, five years after the plane was shot down in Iran An employee is no longer with the Interlake-Eastern Regional Health Authority following a post on social media about the landfill search for two murdered Indigenous women.Several Canadian fashion retailers will be closing their doors after ownership company Comark Holdings announced it has filed for creditor protection.The Calgary Flames game in Los Angeles on Wednesday night has been postponed due to the wildfires raging through the area.

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