29 Mar 2012

Canadian homeowners protected against rising interest rates

A new report shows that Canadians are generally satisfied with their current mortgage situation, but could be in trouble if interest rates begin to rise.

The study, by BMO Bank of Montreal, finds that Canadian homeowners are generally "stress-tested," meaning that their budget would be able to handle a 2-point increase in interest rates. In total, 57 percent of respondents indicated that this was the case with their finances. However, 43 percent said they would be left on shaky ground if interest rates rose.

"Stretching the limits of your budget by choosing the maximum amortization period and a minimum down payment leaves you little wiggle room to deal with an unexpected financial challenge," said Katie Archdekin, head of mortgage products for BMO Bank of Montreal.

Some may be considering moving to a smaller house in order to lower their monthly payment obligations, but this can be a daunting decision. Fortunately, there are many options for affordable self storage in Toronto and many other cities that can make this process a bit easier, as homeowners will have a place to keep stuff that won't fit.

Be Sociable, Share!
Comment

Related Articles [3]

Five Reasons Hiring a Moving Company Is Worth It

February 7th, 2020
Moving is almost always chaotic, especially if you decide to pack and move everything yourself. Without the help of your family or friends, it’s practically impossible to...

Jiffy Storage’ Ultimate Moving Checklist

March 29th, 2018
Whether we like it or not, moving is something we all must undertake at least a couple of times throughout our lives. For many people, it is incredibly stressful and...

How To Purge Before A Big Move

August 17th, 2017
Moving not only means deciding what you are going to take with you, it also means deciding what you are not going to take with you. Purging before a move is just as important...

Leave a Comment






Recent Posts Blog Categories Archives Subscribe to RSS Feeds
Essential SSL