Mortgage payments cover insurance and taxes in addition to the mortgage itself. Unless you have a variable rate mortgage the portion of the payment going to the loan doesn't change but the amount needed to cover taxes and insurance can.

[–] SynopsisTantilize@lemm.ee 2 points 2 weeks ago

Oh okay. So I could just include the other charges when I say mortgage here in the states and I could say the same thing then.

[–] howrar@lemmy.ca 1 points 2 weeks ago (1 children)

I think it's typical to get a 5 year contract and having to renegotiate a new mortgage at the end of said contract. At least, it is here in Canada. Rate goes up, monthly payment goes up.

[–] SynopsisTantilize@lemm.ee 1 points 2 weeks ago (1 children)

Do you have 10, 15, and 30 year loans up there?

[–] howrar@lemmy.ca 1 points 2 weeks ago

They exist, but from what I hear, they're very hard to get. I would've loved to get 30 years with the interest rates I had five years ago.