@[email protected] to A Boring [email protected] • 8 months agoHousing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onwardfinance.yahoo.comexternal-linkmessage-square47fedilinkarrow-up1317arrow-down15cross-posted to: [email protected][email protected]
arrow-up1312arrow-down1external-linkHousing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onwardfinance.yahoo.com@[email protected] to A Boring [email protected] • 8 months agomessage-square47fedilinkcross-posted to: [email protected][email protected]
minus-square@[email protected]linkfedilink2•8 months agoHow does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?
minus-square@[email protected]linkfedilink2•8 months agoYes, though I’m not sure what you mean by not paid. You have monthly payments for the loan.
minus-square@[email protected]linkfedilink1•8 months agoI meant payed off. So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?
minus-square@[email protected]linkfedilink2•8 months agoYep. That’s why people who got these historic low rates are going to be very resistant to moving. Myself included.
How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?
Yes, though I’m not sure what you mean by not paid. You have monthly payments for the loan.
I meant payed off.
So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?
Yep. That’s why people who got these historic low rates are going to be very resistant to moving. Myself included.