• Corkyskog@sh.itjust.works
    15·
    2 years ago

    You literally beat me to this reply by like 4 minutes haha. Banks were giving variable mortgages to people who could barely afford current rates, they don’t give a shit.

    • shortwavesurfer@monero.townEnglish
      8·
      2 years ago

      I would never ever take an adjustable rate mortgage. That is just begging to get fucked. Like right now for example. My mortgage is like 4.2% but if it were an adjustable id be at like 6+% and be out of a house.

      • krische@lemmy.world
        3·
        2 years ago

        Or when the housing market is booming, they’ll repossess the house and sell it again for even more of a profit.

        • Brandon658@lemmy.world
          1·
          2 years ago

          Probably make as much use of the scam mortgage insurance that they can too. I forget what it’s actually called but it’s a scam IMO. $100 a month baked into my escrow for insurance to the lender in case I lost the house. To my knowledge it provides me no benefit.

          Upside is when I refinanced it was taken off. (Think the whole first time home owner program requires it for the initial loan.)