▲ 353 ▼ A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up (www.nytimes.com) submitted 2 years ago by GiddyGap@lemm.ee to c/news@lemmy.world 145 comments fedilink hide all child comments
[–] NOT_RICK@lemmy.world 10 points 2 years ago (1 child) That’s not a thing in the US like it is in Canada. I can keep my sub 3% mortgage for the 25 years I have left on it. permalink fedilink source parent hideshow 2 child comments replies: [–] jballs@sh.itjust.works 2 points 2 years ago There are Adjustable Rate Mortgages in the US too. My sister-in-law lost her house a while back where her rate went up. I think they lock you in at a low rate for the first 5 years and then they go up. It sounds like a good idea if you're confident that rates are going to stay low and your home will increase in value making it easy to refinance. But in reality, no one can predict the market 5 years out, so I wouldn't recommend it. permalink fedilink source parent
[–] jballs@sh.itjust.works 2 points 2 years ago There are Adjustable Rate Mortgages in the US too. My sister-in-law lost her house a while back where her rate went up. I think they lock you in at a low rate for the first 5 years and then they go up. It sounds like a good idea if you're confident that rates are going to stay low and your home will increase in value making it easy to refinance. But in reality, no one can predict the market 5 years out, so I wouldn't recommend it. permalink fedilink source parent