Personal Finance Canada

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affairesdepiasses

Monday: Silly Questions (self.personalfinancecanada)

submitted 2 years ago by affairesdepiasses to c/personalfinancecanada

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It’s Monday, the start of a new week.

Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.

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[–] karlhungus 1 points 2 years ago (2 children)

Not to show lack of empathy, does it work any differently in other countries?

[–] affairesdepiasses 2 points 2 years ago (1 children)

In France, one of my friends has a 25 years 0.8% mortgage. The fees to break it are also limited by law, so if the rate was ever to drop below that, he could just pay the fee and get the new lower rate, but the bank will not be able to increase it.

On the other hand, refinancing is harder in France.

[–] karlhungus 2 points 2 years ago (1 children)

France always sounds fucking awesome.

[–] affairesdepiasses 1 points 2 years ago

Like any place, it has good sides and bad sides. But many French people are trying to immigrate to Canada/Quebec, so probably not that awesome in the end.

[–] skankhunt42 1 points 2 years ago (1 children)

I've read someone in the US can lock in for the 25 years.

[–] karlhungus 1 points 2 years ago* (last edited 2 years ago)

Yeah they've got 30 year mortgages, or at least had

Heh sorry I lost context, I just meant that after the period the rates get adjusted