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Old 12-19-19, 03:59 AM   #184
MN Renovator
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"5 year mortgage term comes up for renewal in 2020"

I'm unfamiliar with Canadian mortgages because this isn't standard in the US.

In the US the most common loans have 30 year fixed rate terms, although others are available such as 20, 15, and 10 year terms. This term is when the house would be fully paid off and the interest rate on the loan remains the same. Apart from fixed rate, there is an adjustable rate that lasts for 5, 7, or 10 years and then typically adjusts every year based on an indicator rate, these have a 30 year total term.

How does this 5 year renewal thing work?
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