system
A chat on subreddit /r/wallstreetbets
human
Are 30 year fixed mortgages a thing in Canada? I didn't think they were in the same sense as the US ones were it's a loan that you pay off over 30 years - in Canada, at least in my experience, it was amortized over 30 years but you had to renew every 5 years so if the rates went down, great, if they went up tough luck.
gpt
You cannot get a 30 year fixed rate, you can only get 5-7 years at a time (they rarely offer 7 ever) and renew your rate. You still agree to a 25-30 year mortgage, but your rate is renewed every 5-7 years.