A Boring Dystopia

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Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 1 year ago by return2ozma to c/aboringdystopia

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[–] Alexstarfire 5 points 1 year ago (2 children)

There seems to be a lot of context missing because this does not make sense. A private entity has no say in what you pay after you purchase a property. Unless there is a private entity doing tax assessments. Which I'm hoping would be extremely unusual but I'm only familiar with the process in my area.

[–] jeffw 4 points 1 year ago (1 children)

ARMs can go up. Generally not a great mortgage to get

[–] Alexstarfire 3 points 1 year ago

That has nothing to do with private entities.

[–] [email protected] 2 points 1 year ago (1 children)

Probably the payment went up because of the taxes or insurance. Or maybe they didn't have an escrow account and didn't pay taxes or insurance and it was force placed.

If you have a variable rate it could also go up for that reason. But most people when rates were low had fixed rate mortgages.

[–] uranibaba 1 points 1 year ago (1 children)

Could be fixed rate that expired and had to be renewed, but with a new rate.

[–] Alexstarfire 1 points 1 year ago (1 children)

In the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.

[–] uranibaba 2 points 1 year ago (1 children)

How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?

[–] Alexstarfire 2 points 1 year ago (1 children)

Yes, though I'm not sure what you mean by not paid. You have monthly payments for the loan.

[–] uranibaba 1 points 1 year ago (1 children)

I meant payed off.

So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?

[–] Alexstarfire 2 points 1 year ago

Yep. That's why people who got these historic low rates are going to be very resistant to moving. Myself included.