• ryathal@sh.itjust.works
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    7 个月前

    Nope, US has 15 and 30 year fixed rates available. You can get an arm that has a variable rate, but they’ve been un popular after 2008, and with the low interest rates not worth it.

    • Cyborganism@lemmy.ca
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      7 个月前

      Holy shit. We don’t have that in Canada. I wish we did. A lot of people have lost their homes due to raising interest rates as they have to renew every 5 years or so. Real estate in Canada is so fucked up.

      • kimpilled@infosec.pub
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        7 个月前

        The US is unique in the 30 year fixed rate. It’s great if you have one, but it can have some externalities and effects like what we see here.

      • Today@lemmy.world
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        7 个月前

        Wow! I did not know that! You essentially refinance your home every 5 years? How does that work? With new closing costs and everything?

        • ghost_towels@sh.itjust.works
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          7 个月前

          Not who you were talking to, but no, the closing costs are one time only. You basically just renew or get a new mortgage somewhere else. Ours is coming up in October, we’re a bit worried but hopeful it won’t be too bad. We’ve got wiggle room as we got a great deal on our house but it’s still going to suck. I have seen a 10 year fixed, might go for that if we can get a good enough rate.

    • Corhen@lemmy.world
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      7 个月前

      i would have killed for that. got a 1.8% 20 year morgatge in 2021, would have loved to lock in at that.