111
this post was submitted on 02 Oct 2024
111 points (100.0% liked)
World News
32327 readers
679 users here now
News from around the world!
Rules:
-
Please only post links to actual news sources, no tabloid sites, etc
-
No NSFW content
-
No hate speech, bigotry, propaganda, etc
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
At least you can't get kicked out or have your rent raised for arbitrary reasons. Some renters are basically moving every year.
Fair enough, I suppose. Although I'm relatively sure that the bank can mess with the credit conditions
Mortgages can change repayments amounts as the central lending rate changes.
We’re in a squeeze in Canada right now because rates went up and a bunch of mortgages are up for renewal. (5-year fixed rate is standard here)
In Spain you can decode between fixed or variable rates, and although fixed rates are usually a bit higher, having the peace of mind that suddenly the mortgage won't raise next month and being able to plan around a fixed monthly cost is such a big peace of mind.
Fixed rates are the best.
Fixed rates are safer, for sure.
But during the pandemic, when rates went to near zero, I was very glad to be on a variable.
Not in the US if you have a fixed rate mortgage, and most do. There's tons of people who locked in rates at below 3% back in 2020-2021.
It went up a little, but nothing compared to the equivalent in rent you'd pay for the same place.
It's actually pretty comparable for me. My mortgage went up 40% which made the whole monthly cost of housing go up by 28%. Rents in the same building went up similarly but actually haven't quite caught up.