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What's a scam that's so normalized that we don't even realize it's a scam anymore? (lemm.ee)

submitted 1 year ago by mastermind@lemm.ee to c/asklemmy@lemmy.ml

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[–] Changetheview@lemmy.world 5 points 1 year ago (1 children)

Many people lock in interest rates for the life of the loan. Most often 30 years for mortgage loans. You don’t have to renew a mortgage’s interest rate unless you get an adjustable rate one.

This is the main reason why mortgage applications are down significantly right now. People with super low interest rates don’t want to move because they’d have to get a new loan to do so, and interest rates are much higher now. If they stay and they have a fixed-rate loan, nothing changes.

[–] JWBananas@startrek.website 2 points 1 year ago (1 children)

The user you are responding to has an account on a .ca domain. In Canada (as well as UK) it is more common for the rate to only be locked in for 5 years.

[–] Dark_Arc@social.packetloss.gg 1 points 1 year ago (1 children)

Well that's lame... You guys should do something about that, as a US home owner, having a fixed rate mortgage is one of the best parts about owning vs renting.

[–] JWBananas@startrek.website 1 points 1 year ago (1 children)

As a US non-homeowner, I'm not sure what you think I should do about it.

[–] Dark_Arc@social.packetloss.gg 1 points 1 year ago

In Canada (as well as UK) it is more common for the rate to only be locked in for 5 years.

I think it's pretty clear I was talking about the folks you're referring to... not you specifically if you're not in that group... but fair enough.