Sensible folks get a fixed rate mortgage when interest rates are low, and an ARM when rates are high. Do you really want the payment to increase once the rock-bottom rates are long gone?
Chalmers’ bank offered him a variable-rate fixed-payment mortgage, which adjusts to rising interest rates. If rates go up, the monthly payments stay the same but the amortization period — the length of time it takes to pay off the entire mortgage — automatically rises.
eternal debt slavery is what they have in mind for the stupid and trusting populace.
when my father bought this house. he set the interest rates at a fixed 6 percent rate. none of that variable bullshit. the new homeowners are totally screwed because the plan is to make them and their prole eternal rentals
Actually he got a good deal. His payment stays the same. High interest is accompanied by high inflation. In a few years his fixed payment (not rate) mortgage will have a payoff value equal to a cup of coffee.
Sorry, that guy has no one to blame but himself. Who would tell that guy rates don't change and to not get a fixed rate on a place he planned on staying at forever. He got into a bad loan for what he planned to do and should be looking to refinance at better terms.
[ + ] BoozyB
[ - ] BoozyB 12 points 1.7 yearsAug 14, 2023 09:00:57 ago (+12/-0)
[ + ] SilentByAssociation
[ - ] SilentByAssociation 6 points 1.7 yearsAug 14, 2023 09:52:42 ago (+6/-0)
[ + ] dosvydanya_freedomz
[ - ] dosvydanya_freedomz 4 points 1.7 yearsAug 14, 2023 08:20:24 ago (+4/-0)
eternal debt slavery is what they have in mind for the stupid and trusting populace.
when my father bought this house. he set the interest rates at a fixed 6 percent rate. none of that variable bullshit. the new homeowners are totally screwed because the plan is to make them and their prole eternal rentals
[ + ] TheGreatWar
[ - ] TheGreatWar 0 points 1.7 yearsAug 15, 2023 00:58:01 ago (+0/-0)
[ + ] Bigdeal
[ - ] Bigdeal 0 points 1.7 yearsAug 14, 2023 11:39:54 ago (+0/-0)