trigger rate

Interest-Only Mortgages with Negative Amortization

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According to the Bank of Canada, approximately 1 in 6 Canadian mortgages have hit their trigger rate in 2022, and that’s the result of rapidly rising interest rates. Now that a lot of mortgages have hit their trigger rate, there is going to be a lot of scrambling by the big banks to try to …

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What to Do When Your Mortgage Trigger Rate Has Been HIT

Leave a Comment / Toronto Real Estate Blog / By admin

ATTENTION HOMEOWNERS! Remember that mortgage contract you signed? Well, there may be this inconspicuous clause in there that’s called the Trigger Rate. You may have just glanced over it before but it’s surely something you’ll want to reacquaint yourself with now, that is… if you haven’t already gotten a call from your bank. Most Canadians …

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