As more homeowners prepare for the mortgage renewal process, many Canadians are left feeling anxious about managing their current expenses, debts, and the expected increase in payments.
A recent study conducted by the Angus Reid Institute found that 30% of Canadians are already having difficulty with their mortgage payments. When asked about how they feel about rising interest rates ahead of their next renewal, 77% of respondents said they are worried or very worried about this increase. Rising interest rates are creating extra financial strain, leading 20% of people to dip into savings to account for increased payments.
If you’re worried, you’re not alone. In this blog post, we’ve outlined strategies and tips to help homeowners prepare their finances and navigate the challenges of increased mortgage payments.
