Mortgages from 2020-2021 at 1.5-2.5% are renewing at 4%+.
Payment Increases
From 2% to 4.19% on $500K = $350-$400 more/month.
Strategies
- Shop around — don't accept first offer
- Consider 3-year term for flexibility
- Extend amortization to lower payments
- Make lump sum payment before renewal
Start shopping 6 months before maturity. Model your renewal.