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It would take a very strange thesis indeed to persuade someone to pay a variable rate these days. I doubt that it happens
by akimball 5y ago
It would take a very strange thesis indeed to persuade someone to pay a variable rate these days. I doubt that it happens
- jbay808 5y agoAh, my perspective is coming from Canada where every mortgage is variable rate. ("Fixed rate" mortgages are only locked in for five years). One would think that would cause US real estate to appreciate much faster than Canada when rates are low, but the opposite is the case. Strange days indeed. * In Canada you technically can get a 25 year fixed mortgage, but the interest rate is 8.75%. That's a massive premium and I've never heard of anyone doing that. https://www.ratehub.ca/best-mortgage-rates/25-year/fixed https://www.ratehub.ca/best-mortgage-rates/25-year/fixed
- coffeecat 5y agoIf you want your monthly payments to be low initially, and you intend to pay off the mortgage debt fully within 5 or 7 years, then a 5/1 or 7/1 ARM can be a good option.