Variable mortgage regret?

[ercchry]

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The og way. Get mortgage, house goes up, get heloc, use heloc to pay off original mortgage. I’ve been living the variable way of life since day one (minus a few years of debt free and then realized life is better when in debt)

*this is not financial advice*

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Bruh but you achieved the goal of visiting your ancestors and reaching enlightenment

…. patiently awaiting you to post in the everyday car pics thread

[phreezee]

You guys missed the signs

[Misterman]

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You guys missed the signs

See! I told you the experts have been weighing in.

[Kloubek]

Up .75% today alone.

I'm going to guess by this point there are people who are not just sweating, but on the verge of losing their homes if some haven't already lost them.

Could be complete carnage if this continues. This is one way to correct housing prices for certain...

[suntan]

Amazing that a 3.75% rate is going to destroy people, but hey here we are.

[JRSC00LUDE]

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Up .75% today alone.

I'm going to guess by this point there are people who are not just sweating, but on the verge of losing their homes if some haven't already lost them.

Could be complete carnage if this continues. This is one way to correct housing prices for certain...

It's difficult, when the outcome of the last few years of decision making has been SO painfully obvious to millions of people, to not think it's an intentional result.

[Buster]

Central bankers are so retarded.

[ExtraSlow]

is it rich ontario senior citizens who will lose their home? Because that would be a benefit.

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I'm on the full variable where my payment changes each time. Gives me a frowny face, but hey, yolo and yeet fam, as the kids say.

[vengie]

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Amazing that a 3.75% rate is going to destroy people, but hey here we are.

While I understand your thoughts on this, its a 3.75% rate ON TOP of the already staggering inflation.

Many lower income people are quite literally drowning and are being forced to take on more debt just to feed their families, which further perpetuates their plight.
Death by a thousand cuts.

Our government fucked up big time. Lets just hope people remember this pain when its time to go back to the polls.

[killramos]

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While I understand your thoughts on this, its a 3.75% rate ON TOP of the already staggering inflation.

Many lower income people are quite literally drowning and are being forced to take on more debt just to feed their families, which further perpetuates their plight.
Death by a thousand cuts.

Our government fucked up big time. Lets just hope people remember this pain when its time to go back to the polls.

God damn Harper Era policies!

[ExtraSlow]

Agree that there are a lot of government decisions prior to this that have hurt the standard of living of voters. Voters don't like that, and they won't like this. Changes to standard of living happen at the margin of costs and income.

[max_boost]

Still another minimum .75+ to come right

Rip everything

[bjstare]

Bring on the crash, baby. I'm trying to upgrade.

[suntan]

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While I understand your thoughts on this, its a 3.75% rate ON TOP of the already staggering inflation.

Many lower income people are quite literally drowning and are being forced to take on more debt just to feed their families, which further perpetuates their plight.
Death by a thousand cuts.

Our government fucked up big time. Lets just hope people remember this pain when its time to go back to the polls.

Inflation is always countered with rate hikes. Always. This is the way.

We just got so used to 0.25% prime that people that actually thought that $1mm mortgage was affordable.

[JfuckinC]

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Bring on the crash, baby. I'm trying to upgrade.

There's a house for sale right now i want, but i dont wanna get in at this rate or price so im hoping it crashes asap and i can snipe it haha... lets go crash!! I'll keep renting and waiting

[suntan]

House prices are sticky.

Since people are so leveraged, there is a price floor. Lenders will block sales if they lose money on them.

Supply will dry up. People have to live somewhere, so they'll just stay where they are.

[max_boost]

Were you guys brave during the covid crash. I wanna be brave too but I get scared when the crash actually happens lol

[suntan]

I was very brave, I stayed inside my house for weeks on end and wore masks even over my eyes.

[vengie]

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Inflation is always countered with rate hikes. Always. This is the way.

We just got so used to 0.25% prime that people that actually thought that $1mm mortgage was affordable.

Its not the people with $1mm mortgages that I care about.
Its the lower income, hard working people getting slaughtered by poor policy.

It hits close to home. I grew up lower income and watched my parents claw their way to prosperity.
They have some wild stories of how they were dollars away from not being able to put food on the table growing up. Its humbling.

[ExtraSlow]

I don't try to time the housing market, and I don't invest in the housing market.

I did get wickedly lucky with timing of a big upgrade back in the global financial crisis. I was going from a cheap starter home and could afford a slightly nicer "move-up" house because of the market conditions. That move was based on a change in family size thought, not any kind of smarts on my part. Also haven't moved out of that "move up" house in the 14 years since then. Maybe move in the next decade or so, we'll see.