June 16, 2024

The Queens County Citizen

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Rising Rates and Mortgages: When Should You Worry?

Rising Rates and Mortgages: When Should You Worry?

Inflation and rising interest rates are causing many Canadians to worry about not being able to pay their mortgages.

Also read: Nearly 20% of homeowners are unable to pay their mortgage

Also read: “It’s a financial shock that can translate into a recession, so everyone suffers.”

Sophie Desatells, senior director of economic recovery at Raymond Chabot‌, wants to be reassured in the same way, although she admits the situation is alarming because “we really do not know how it will change”.

“Right now, in the short term, we do not have to worry too much, because most of those who have variable interest rates, for the time being, will be affected during the recovery,” she explained in an interview with TVA Nouvelles.

She advises you to talk to your financial advisor as the situation may vary from one person to another.

Some people who have improved their income since signing their mortgage can put more money on their capital to avoid paying more interest.

Watch the full interview in the video above.

Listen to Alexandre Moranville-Aullet at Mario Dumont Microphone on QUB Radio:

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