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>Also, 3.5% in mortgage interest? That's ridiculously high. Where I'm from you can easily get a mortgage with a variable interest of 1.46%. I'm not sure where
by forgetsusername 10y ago
>Also, 3.5% in mortgage interest? That's ridiculously high. Where I'm from you can easily get a mortgage with a variable interest of 1.46%.
I'm not sure where this even came from but: 3.5% isn't "high", historically. And that fact that you can get a variable rate of 1.46% during a period of globally historically low interest rates has little relevance to the 20-30 years it will take to pay down your mortgage.
In fact, buying a more expensive house because you can get a super-low rate now, without accounting for future rates, is a classic blunder.
- henrikschroder 10y agoHow to buy a home in the US is weird and baffling to me, everything is different from what I'm used to. The interest rate discussion is one thing, I don't understand why everyone here is only talking about a long-term fixed rate mortgage, where I'm from, everyone advertises the lowest variable rate. Coincidentally, Stockholm has a crazy housing bubble, so there's that.
- forgetsusername 10y ago>where I'm from, everyone advertises the lowest variable rate I'm actually Canadian, and that's how it is for here too, for the most part. The longest fixed-term you'll get from a mainstream bank is 10 years. But in the US, I think, you can get 30 year fixed mortgages. Which is...crazy. And also why buying at these low rates is a steal.