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Looking around ARM mortgages were around 3% of all mortgages in 2020-2021 era, so I don’t think it’s fair to generalize that peoples mortgages are going up. But
by awinder 4y ago
Looking around ARM mortgages were around 3% of all mortgages in 2020-2021 era, so I don’t think it’s fair to generalize that peoples mortgages are going up. But yeah, people will become immobilized if their property has decreased in value, until it recovers, and that’s unfortunate.
- Marsymars 4y agoDepends on jurisdiction. That’s the case in the USA, but in Canada, for instance, 5-year fixed terms are the standard for mortgages.
- fezfight 4y agoYes! Starting in 2023, many families are going to start going bankrupt and losing their homes in Canada.
- Marsymars 4y agoWhy starting in 2023? Are you expecting much higher rates starting in 2023? There's a rolling set of people who are continually coming up to their 5-year renewal dates.