ST Alpha - "I'd really have to see the math to believe this. Mortgage payment rises by $2,700 a month after interest rate increases ($6,300 / month now) -- (link)" (Reading a Post)

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I'd really have to see the math to believe this. Mortgage payment rises by $2,700 a month after interest rate increases ($6,300 / month now) -- (link)

Posted by Beaker 🍺 (aka Anniebecca) Sep 7 '23, 11:01

(No message)

did they borrow from a Pay Day Loan company? cause that is some shit ton of interest (www.cbc.ca)

Responses:

"five-year term" for a mortgage? -- nm - hollywood big shot Sep 7, 11:02 7
- Canadians do weird mortgage things -- nm - decline Sep 7, 11:10
- ... yes? that's how they work? a 30-year mortgage is 6 five-year terms. 5 renewals. -- nm - Beryllium Sep 7, 11:07 5
  - but if it's basically six 5-yr mortgages bundled into one, i could see how someone would get killed with a variable rate within any given 5-yr term -- nm - hollywood big shot Sep 7, 11:12 4
    - So far I've successfully avoided variable-rate shenanigans. - Beryllium Sep 7, 11:19 2
      - we were variable for our first 5 years and we never went over 2.54%. Got nervous and locked in for current term JUST before rates started to rise. - Andie Sep 7, 11:29 1
        
        nice! -- nm - Beryllium Sep 7, 11:30
    - It's amortized over 20, 25 years, etc (i think 30 is less common.) You just have to renew at the end of your term. -- nm - Andie Sep 7, 11:16

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