“An interest rate hike like this one will typically bring about a lot of stress”, said Leah Zlatkin, Mortgage Broker and COO at Mortgage Outlet.
“There’s going to be a situation where a lot of people may be experiencing shock when they renew their mortgage,” said Zlatkin.
Zlatkin recommended that people who foresee themselves in this situation start budgeting now.
“If you think that you’re going to renew when you realize that the payment amounts are going to be excessive and you’re not going to be able to afford it, you may need to look into refinancing,” she said.
“You don’t want to go into a default situation, so you want to be very proactive,” she said.
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