With the Bank of Canada continuing their upward trajectory of interest rate hikes, with many economists and analysts projecting two more rate increases this year, some homeowners that bought in the last few years are becoming increasingly worried about what this all means for the mortgage they committed to.

In this video, Surrey Real Estate specialist Steve Karrasch of Macdonald Realty addresses a question brought up in the comments section of a previous video regarding what would hypothetically happen if you bought at the peak of the market and prices drop far enough and for long enough that you find yourself in a negative equity position in 5 years when it comes time to renew your mortgage. Steve also discusses the differences between adjustable rate mortgages (ARM) and variable rate mortgages (VRM) and how these two types of mortgages differ.

#SurreyRealtor #SurreyRealEstate #MortgageRenewals

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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.