@StrawberryPigtails to News@lemmy.world • 7 months agoA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.comexternal-linkmessage-square104arrow-up1172arrow-down125
arrow-up1147arrow-down1external-linkA 30-Year Trap: The Problem With America’s Weird Mortgageswww.nytimes.com@StrawberryPigtails to News@lemmy.world • 7 months agomessage-square104
minus-square@omgarm@feddit.nllinkfedilink2•7 months agoPart of your house is paid off in that time. All mortgages are structured so that in 30 years they are paid in full. So if in 10 or 15 years you need to refinance somehow it will be cheaper than financing 100% of a residence.
minus-square@Dkarma@lemmy.worldlinkfedilink-2•edit-27 months agoThat doesn’t mean shit if your rate goes from 3% to 8 % and your payment doubles. Dit he math. Even if u buy a 300000 house and pay off a full third in 3 years which is absurd. What’s 200k at 3% vs 200k at 8%? Go ahead, I’ll wait.
Part of your house is paid off in that time. All mortgages are structured so that in 30 years they are paid in full. So if in 10 or 15 years you need to refinance somehow it will be cheaper than financing 100% of a residence.
That doesn’t mean shit if your rate goes from 3% to 8 % and your payment doubles.
Dit he math. Even if u buy a 300000 house and pay off a full third in 3 years which is absurd.
What’s 200k at 3% vs 200k at 8%?
Go ahead, I’ll wait.
Not sure why the aggression…