@StrawberryPigtails@lemmy.sdf.org to News@lemmy.world • 7 months agoA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.comexternal-linkmessage-square102fedilinkarrow-up1175
arrow-up1175external-linkA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.com@StrawberryPigtails@lemmy.sdf.org to News@lemmy.world • 7 months agomessage-square102fedilink
minus-square@CmdrShepardlinkEnglish1•7 months agoImagine being 10 or 20 years into your mortgage and suddenly you can’t afford your payments anymore due to a rate increase. You have to sell the house and then try to find another one at the inflated rate and then start back from square one.
minus-square@S_204@lemmy.worldcakelinkfedilinkEnglish1•7 months agoYou’d have to be wildly irresponsible to have that happen. Theoretically you’ve paid off well over half of your house after 15 years.
Imagine being 10 or 20 years into your mortgage and suddenly you can’t afford your payments anymore due to a rate increase. You have to sell the house and then try to find another one at the inflated rate and then start back from square one.
You’d have to be wildly irresponsible to have that happen. Theoretically you’ve paid off well over half of your house after 15 years.