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
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.
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.
[ + ] BoozyB
[ - ] BoozyB 12 points 1.8 yearsAug 14, 2023 09:00:57 ago (+12/-0)
[ + ] SilentByAssociation
[ - ] SilentByAssociation 6 points 1.8 yearsAug 14, 2023 09:52:42 ago (+6/-0)
[ + ] dosvydanya_freedomz
[ - ] dosvydanya_freedomz 4 points 1.8 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
[ + ] Bigdeal
[ - ] Bigdeal 0 points 1.8 yearsAug 14, 2023 11:39:54 ago (+0/-0)
[ + ] TheGreatWar
[ - ] TheGreatWar 0 points 1.8 yearsAug 15, 2023 00:58:01 ago (+0/-0)