Interest on mortgages
Interest is the fee you pay your lender for the use of their money.
When you apply for a mortgage, your lender may offer different interest rate options. The interest rate is used to calculate how much you need to pay to borrow money. These rates rise and fall over time.
Every time you renew your mortgage term, you renegotiate your mortgage interest rate. This means your mortgage payments could be higher or lower in the future.
Original Article Source Credits: Government Of Canada , https://www.canada.ca/
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Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/interest-on-mortgages.html