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You'll own nothing and be happy: Eternal Mortgages

submitted by totes_magotes to aII 8 monthsAug 14, 2023 07:56:10 ago (+13/-0)     (archive.ph)

https://archive.ph/dbrXO



6 comments block

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[ - ] BoozyB 12 points 8 monthsAug 14, 2023 09:00:57 ago (+12/-0)

We already have eternal mortgages in the form of property taxes.

[ - ] SilentByAssociation 6 points 8 monthsAug 14, 2023 09:52:42 ago (+6/-0)

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?

[ - ] dosvydanya_freedomz 4 points 8 monthsAug 14, 2023 08:20:24 ago (+4/-0)

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

[ - ] deleted 3 points 8 monthsAug 14, 2023 09:24:30 ago (+3/-0)

deleted

[ - ] TheGreatWar 0 points 8 monthsAug 15, 2023 00:58:01 ago (+0/-0)

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.

[ - ] Bigdeal 0 points 8 monthsAug 14, 2023 11:39:54 ago (+0/-0)

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.