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I can't think of another country that has anything like it, and it's largely because of the government market interference (via Fannie/Freddy especially) It's
by ska 4y ago
I can't think of another country that has anything like it, and it's largely because of the government market interference (via Fannie/Freddy especially)
It's going to continue to have some weird knock on effects.
- thatfrenchguy 4y agoFrance has fixed rate mortgages
- kazen44 4y agoSo has the netherlands. (although getting a 30 year long one might be hard, 20 years is far more common).
- highwaylights 4y agoThat are fixed to 30 years out? This is legitimately fascinating to me that someone would offer that deal.
- deleted 4y ago[deleted]
- ska 4y agoLots of places have fixed rate, but not for long periods like the US. Does France offer 30 year low rates?
- mayormcmatt 4y agoToo lazy to do the legwork for the actual information, but Japan has, or had, similar mortgages to the US -- even 100-year intergenerational mortgages. An anecdote related to this: when I worked at a Japanese company, one of my coworkers' parents had gone underwater on some commercial real estate in Tokyo after the bubble burst there in the 90s. They had taken out such a mortgage and now the adult children were all working day and night jobs to pay it off.
- bluGill 4y agoThe Us has bankruptcy laws so that the children don't have to work to pay it off. Though depending on your situation and belief in the future maybe you would want to - if things turn around you have that building, while if you go bankrupt it is sold. (of course we are talking above Japan of 30 years ago so you can now check how things have gone, but that doesn't mean they will go the same next time)