this post was submitted on 28 Jun 2023
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This is a variable mortgage issue. No one is lending new mortgages at these amortizations. Fixed payment variable mortgages vary their amortization period as interest changes. The monthly payment stays fixed, unless it hits a threshold when the bank increases the monthly payment to bring the amortization period closer to reality.
I didn't realize this was a thing. I like this way better than letting the monthly payment fluctuate.
Except at a certain rate your entire payment is going towards interest and your principle doesn't go down at all so its basically throwing money away.
It depends. If your payment is less than rent would be you're still coming out ahead. And the alternative could be a payment you can't afford. At least this way you can choose to sell or ride it out and wait for rates to come down instead of getting foreclosed on.
More accurately:
Mortgage payment + maintenance + tax < rent