A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up - eviltoast
  • ryathal@sh.itjust.works
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    7 months ago

    Nope, US has 15 and 30 year fixed rates available. You can get an arm that has a variable rate, but they’ve been un popular after 2008, and with the low interest rates not worth it.

    • Cyborganism@lemmy.ca
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      7 months ago

      Holy shit. We don’t have that in Canada. I wish we did. A lot of people have lost their homes due to raising interest rates as they have to renew every 5 years or so. Real estate in Canada is so fucked up.

      • kimpilled@infosec.pub
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        7 months ago

        The US is unique in the 30 year fixed rate. It’s great if you have one, but it can have some externalities and effects like what we see here.

      • Today@lemmy.world
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        7 months ago

        Wow! I did not know that! You essentially refinance your home every 5 years? How does that work? With new closing costs and everything?

        • ghost_towels@sh.itjust.works
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          7 months ago

          Not who you were talking to, but no, the closing costs are one time only. You basically just renew or get a new mortgage somewhere else. Ours is coming up in October, we’re a bit worried but hopeful it won’t be too bad. We’ve got wiggle room as we got a great deal on our house but it’s still going to suck. I have seen a 10 year fixed, might go for that if we can get a good enough rate.

    • Corhen@lemmy.world
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      7 months ago

      i would have killed for that. got a 1.8% 20 year morgatge in 2021, would have loved to lock in at that.