• stalfoss@lemm.ee
    link
    fedilink
    arrow-up
    51
    ·
    1 year ago

    lol no, the bank doesn’t care, they’ll just take your house if you can’t pay

    • Corkyskog
      link
      fedilink
      arrow-up
      15
      ·
      1 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.

      • shortwavesurfer@monero.town
        link
        fedilink
        English
        arrow-up
        8
        ·
        1 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.

        • krische@lemmy.world
          link
          fedilink
          arrow-up
          3
          ·
          1 year 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
            link
            fedilink
            arrow-up
            1
            ·
            1 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.)