this post was submitted on 02 Nov 2023
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A Boring Dystopia
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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.
Could be fixed rate that expired and had to be renewed, but with a new rate.
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.
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?
Yes, though I'm not sure what you mean by not paid. You have monthly payments for the loan.
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?
Yep. That's why people who got these historic low rates are going to be very resistant to moving. Myself included.