One big reason the U.S. housing market is broken: Owners don’t want to give up their cushy old loans.
  • @omgarm@feddit.nl
    2•1 year ago

    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.

    • @Dkarma@lemmy.world
      -2•1 year ago

      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.