/biz/ - Business & Finance

>>51656453
why would they refinance if they're already fixed at a lower rate

>>51656453
Most people have a fixed rate mortage
You will NEVER be able to afford a house
seethe harder rentoid

>>51656453
god i hope i catch the next tesla before that happens and just out right kick a fucking boomer out his house while i spit on him.
i just want a ranch outside the city

>>51656453
If you don’t have a fixed APR you are brain dead and deserve to lose to begin with. I don’t know anyone with a variable mortgage. The people that will get hurt off this are people with undesirable housing and the real estate market won’t budge even an inch. Where I live shit still goes all cash above ask before it hits market. End of story.

>>51656453
>2yr fixed
Lol lmao

Who the fuck finances a house on 2yrs fixed

>signed up for a 3% rate mortgage for five years last month
wew

>>51656463
>>51656470
>>51656551

Because fixed rates mortgages expire you spastics
They are usually 2, 3 or 5 year terms and they then switch back to variable until you pick another fixed rate, all of which will now be unaffordable
House prices will drop significantly if this happens because repossessions will go up across those who are overleveraged cant downsize

>>51656599
Of course they expire but 5years is not normal retard (maybe it is for bongs), burgers have 20yrs fixed as a norm, germans too

>>51656627
Yeah normal for bongs

>>51656551
>>51656599
Post yfw you learn 30% of Canadians and Bongs have variable mortgages

>>51656627
>screenshot clearly uses £
>spazzing about countries that use $ and €

>>51656599
I worked in refinancing and the lowest fixed rate I saw was 15 and it was rare. I mainly saw people with 30 year fixes refinancing. A very small amount of people I talked to had ARMs so this doomsday scenario won’t happen again.

>>51656599
>Because fixed rates mortgages expire you spastics
My 15, 20 and 30 year fixed rate mortgages disagree.

Flippers and B-n-Bers BTFO

>>51656599
>2 3 or 5
Lol try 30.

>>51656453
>2 year fixed mortgage
lol why so short? Have they learned nothing from 2008?

>2 year fixed rate mortgage
who are the absolute retards doing this?

>>51656599
only the most retaeded of goyim would do this

>>51656727
>>51656723
HELOCniggers who wanted a f-350

>>51656627
>>51656650
>>51656656>>51656715
>>51656723
>>51656727
>>51656738
5 year fixed is like the max you can get in Australia. I shit you not. Most people I know opt for variable from the start too. Truly the lucky country

>>51656781
Banks are literally the worst. Are all your politicians bought off? How do they think this is normal?

>>51656815
It is normal in most of the world.

30 year mortgages are only in the US.

>>51656453
>foreign real estate market statistics
Get the fuck off our board you stupid fucks. Go dicuss your shitty real estate on your own country's chan.

>>51656563
I did because I'm planning to move in 2 years and didn't want to be tied for another 5

>>51656837
In Sweden it's normal to take a mortgage that is over 100 years. Swedes used to take 125 year mortgages before the government capped it at 105 years.

>>51656837
False, for germany 20yrs is the norm, none gets anything below 15yrs, "normal for the whole world" is fucking cope

>>51656463
UK's fixed terms are over a small time period, 2,3 and 5 are standard. Then fixed for usually the same period again, redone, fixed etc.

>>51657061
But the plebs may only get a 10 yr fixed rate at most (if they behave)

>>51657093
this, it's how they can keep rinsing more and more money out of you.
another strategy is by fining a penalty if you try to repay too much of your mortgage at once. you are a cash cow to the banks

>>51656453
>Save as much cash and slurp cheap houses in 2023
you said it, that's the plan
it's counterintuitive for most brianlets but if ykyk then yk cash is king rn

>>51656723
Greed. A longer fixed rate usually has a higher monthly.

>>51656463
>being this financially retarded on biz

Reddit unironically has better advice

>>51656563
Uk terms are usually 5-6 years max, rarely you'll get 10 but only for high equity/high credit rating

>>51656962
>"what is mortgage porting"

Holy shit bongs and Europoors all have variable interest rate mortgages? Lmao how does 2.99% fixed sound you continental faggots KEK

>>51656656
It’s most of yurop you retard, we just don’t get offered anything longer than 5 year of fixed rate for the most part

ngl I'm shocked Europeans can buy land/homes in the first place.

>>51657070
>for germany 20yrs is the norm
We're talking about the fixed rate term, not the loan term.
You can have a 30 year loan, with a 10 year fixed rate.

>noone gets anything below 15yrs
False. 50% of real estate loans originated in germany in 2021 have a fixed rate term of 10 years or less. Back in 2010, it was over 70%. If the distribution is equal among different overall loan terms, over 70% of loans originated in 2010 are subject to a variable rate now.

sauce:
https://www.fitchratings.com/research/structured-finance/covered-bonds/long-fixed-rate-periods-mitigate-german-mortgage-rate-rise-14-06-2021

>>51656453
>Imagine still having a mortgage.
Lol, lmao even.

>>51656837
These long fixed rate mortgages in the US will be going away in the next few years. Expect inflation clauses in new mortgages. You don't get to have your mortgage inflated away anymore.

>>51656463
the bank will force you to refinance

>>51656781
>5 year fixed is like the max you can get in Australia.
As American I don't understand why the banks would do that