• @[email protected]
      link
      fedilink
      151 year 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.

      • @[email protected]
        link
        fedilink
        English
        81 year 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.

        • @[email protected]
          link
          fedilink
          31 year ago

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

          • @[email protected]
            link
            fedilink
            11 year 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.)