/biz/ - Business & Finance

>>52963482
BAILOUT FOR MY MORTGAGE

>>52963482
This is shopped, right?
No one was stupid enough to take out an arm after 2008

>>52963582
>No one was stupid enough to take out an arm after 2008

apparently you don't spend time around midwit normalniggers.

>i can't afford a traditional 30 year fixed mortgage because rates are too high
>hmm.... 5/1 ARM is fixed low rates for the first 5 years...
>and the Fed will UNDOUBTEDLY drop rates 5 years from now....
>so I'll just get an ARM and refinance before the variable rate kicks in!
>what could go wrong?

>>52963482
>Old enough to have lived through the GFC
>still took out a variable rate mortgage
Top kek.

Kek, baggies

>>52963482
The only moral thing to do is for these people to lose all their money.

>>52963582
Nope. It's on my local nextdoor app.

>>52963582
>No one was stupid enough to take out an arm after 2008
you underestimate FOMO hoomer faggots. these are one step worse than people who bid on a house and paid 300k over what a home is actually worth without inspection because the interest rate is low.

>>52963582
yeah i dont buy it. ARM rates arent even necessarily lower than fixed

>>52963582
5-10% of mortgages are variable rate in leafland

>>52963582
>take out an arm
oh god what

>>52963582
If you took out an arm any time since the 80's, you would have come out ahead. You generally can put down 5% and not have to pay mortgage insurance, plus the payment is fixed for a few years usually. The average life of a mortgage is 7 years, so if you get a 7/1 arm, you will statistically come out ahead while putting less money down.

>>52963482
HIGHER

>accepting a variable rate loan
GG retard

>>52963482
Currently sitting on a 2.49% fixed VA loan and I feel like I will never be able to move again because I will be getting railed by "da new normal" interest rates. My only hope is to save up enough to buy a camp in cash. You zoomers or fellow millennials who didn't get in early are absolutely fucked.

>>52963582
Variable rates are the norm in many countries, including mine. It's working fine, the bank checks your finances to make sure you can handle a 5 pp rate increase before they will give you a loan. On average it's historically much cheaper than fixed rates. For example I hear that US mortgages are like 6% these days. Well, I only pay 4% on mine, even after the recent increases.

>>52963582
Never underestimate the avarice, greed and ruthless stupidity and lack of foresight in boomers and normie hoomers trying to keep up with the Joneses.

>>52965469
before hikes people were getting 3% fixed here. but when the fed is signalling they only want to go higher you need to listen
variable only is cheaper in era of free money and that's over

>>52965613
>variable only is cheaper in era of free money and that's over
No, it's always cheaper, over the long term. That's because fixed rates are essentially insurance that the bank sells for you a premium. They are not going to take over the risk of fluctuating rates without getting paid heftily for it.

>>52963693
Shit post. They aren't capable of thinking five years ahead to begin with. The ones that do are delusional enough to assume they would be super successful by then

how fucked is your economy that it needs to rely on zero rates otherwise everything just collapses?