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> As interest rates rise people will no be able to afford their mortgages I really wonder how many people in the last 10 years actually felt like buying a vari
by rootusrootus 4y ago
> As interest rates rise people will no be able to afford their mortgages
I really wonder how many people in the last 10 years actually felt like buying a variable rate mortgage was a good idea? People on fixed rate mortgages are staying put, and watching inflation deflate the value of their debt.
- xupybd 4y agoIt amazes me that in the US you can fix for the life of your mortgage. Here in NZ 5 years is close to the max.
- almost_usual 4y agoIt’s an insanely great deal. In California you pretty much lock your property taxes as well with Prop 13. Not to mention you can write off mortgage interest up to $750,000 mortgage debt come tax season. Saved me 20k+ in income tax.
- fifticon 4y agoyou can fix for full mortgage in denmark, europe too. I'm not sure which other countries do this.
- disgruntledphd2 4y agoAlmost nowhere. Ireland and the UK are max five or ten year fix, unfortunately.
- phil21 4y ago> I really wonder how many people in the last 10 years actually felt like buying a variable rate mortgage was a good idea? Probably not very many. But I wonder how many people don't realize the psychological issues of being put into a "golden cage" for 30 years. Times will certainly be interesting indeed over the next 5-10 years.