https://www.thestar.com/business/202...keting.html?rf
“For most homeowners, the standard time to pay off a mortgage is 25 years.
Now, in the face of crippling interest rates, some existing homeowners are seeing their amortization period go as high as 90-years as their ‘fixed-payment’ variable-rate mortgages adjust automatically to rising interest rates while the monthly payment remains the same.
There are two types of variable rate mortgages, experts say, one is a variable-rate fixed-payment mortgage, the other an adjustable-rate mortgage — a “floating” payment that rises and falls with changes in the prime rate.
Homeowners with a variable-rate fixed-payment are in a riskier position during a high-interest-rate period, experts say, because they are seeing a greater percentage of their monthly payment go toward interest and not principal — and for a longer period of time.”
Inb4 Anachron
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07-07-2023, 03:44 PM #1
Lenders now seeing 60-, 70-, even 90-year mortgages as Canadians struggle with rocket
Coincel
Florida crew (lol at coldcels)
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07-07-2023, 03:47 PM #2
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07-07-2023, 03:48 PM #3
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07-07-2023, 03:51 PM #4
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07-07-2023, 03:52 PM #5
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07-07-2023, 03:56 PM #6
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07-07-2023, 03:57 PM #7
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07-07-2023, 03:58 PM #8
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07-07-2023, 03:58 PM #9
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07-07-2023, 04:03 PM #10
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07-07-2023, 04:17 PM #11
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07-07-2023, 04:28 PM #12
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They’ve basically stopped usury and commenced all-out slavery
This is why I told the wife we need to have at least 1 house for each child we have and gift it to them or at least let them live there rent free
It will be impossible in coming yearsBy reading this post you acknowledge r32gojirra is an online persona and all posts by r32gojirra are satirical in nature. Comments by r32gojirra shall not reflect on the integrity and morals of the author portraying the online character nor any professional or contractual affiliates of the author.
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07-08-2023, 09:37 AM #13
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The story is incredibly misleading. No one is going to have a 90 year mortgage lol. There are some temporary measures in place for some that will be corrected.
I see many here do not understand variable interest rates. Historically they have been a better bet. Not long ago you could get prime -1.9%.
I knew people paying a rate of .1% on their mortgage.
Everyone must remember the sub prime mortgages handed in the out in the US before Obama became President that devastated the US housing market in 2008.
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07-08-2023, 09:38 AM #14
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07-08-2023, 09:57 AM #15
I follow a dude on IG who's in the process of building his own home. And he/his wife have full time jobs with that. Obviously you need to have the tools/knowledge and friends willing to help. But its a doable venture assuming you know your ****. I'm not 100% certain but I think he's cash flowing the house so there will be no mortgage and he'll be debt free.
I know a few Asian families that have done this as well IRL.
Houses these days are unnecessarily complex.
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07-08-2023, 09:58 AM #16
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07-08-2023, 11:06 AM #17
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07-08-2023, 11:18 AM #18
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07-08-2023, 12:42 PM #19
This is part of the problem, but really foreign ownership isn't as high as people think it is. One problem is multiple property owners. They should be taxed brutally for any additional properties over maybe 1 or 2 extra.
There's so many people going underwater in the next two years if the interest rates stay high - as they should - the people who had FOMO in 2020 and 2021 and overpaid for houses with variable mortgages are screwed. Tons of them already are earning no equity and actually just paying rent to a bank (ie interest) plus even losing equity at the same time.
Average home price in Toronto is I think above 1.5 million now. It's just unsustainable unless you want 6-10 pajeets living in all the houses because they are used to living like sardines.
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07-08-2023, 12:44 PM #20
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07-08-2023, 12:48 PM #21
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07-08-2023, 12:50 PM #22
It is misleading. Also all these people can lock in a fixed rate to save the worry.
I got a 5 year fixed at 1.8% and when I posted about this one another forum people flamed me for being a fool not going variable. Seemed foolish to me to risk it at these crazy low rates.Eat Right. Lift Heavy. Be a Fat Manlet.
One Year to Leave Do I Even Lift Status
http://forum.bodybuilding.com/showthread.php?t=145467771&p=1434065071#post1434065071
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07-08-2023, 01:24 PM #23
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07-09-2023, 03:37 PM #24
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By reading this post you acknowledge r32gojirra is an online persona and all posts by r32gojirra are satirical in nature. Comments by r32gojirra shall not reflect on the integrity and morals of the author portraying the online character nor any professional or contractual affiliates of the author.
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07-09-2023, 03:41 PM #25
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