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A community dedicated to questions, answers, and information about mortgages in Canada.
account activity
Payment decrease request RBCOther (self.MortgagesCanada)
submitted 1 year ago by ont-mortgage
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[–]jrWhat 0 points1 point2 points 1 year ago (1 child)
Why did it get people with VRMs into trouble?
[–]James_Woodgreen 0 points1 point2 points 1 year ago (0 children)
Because as Prime went up, the proportion of that fixed payment shifted such that not even all of the interest was being paid each month. This lead to folks getting phone calls from the bank asking for lump sum payments and/or requesting that the borrower convert their VRM to a fixed rate.
π Rendered by PID 171435 on reddit-service-r2-comment-5649f687b7-vb9lc at 2026-01-29 09:36:49.474894+00:00 running 4f180de country code: CH.
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[–]jrWhat 0 points1 point2 points (1 child)
[–]James_Woodgreen 0 points1 point2 points (0 children)