Never been better for banks maybe. I refinanced during the pandemic and went from a 30 year to a 15 and barely changed my monthly payment.
I mean they are literally just taking your money and telling everyone it’s a good thing. Fucking wild man. My buddy has a second property that went up from $1700 a month to $2700. Insane. That some private entity can one day decide people have too much money and just literally take it.
And capitalism is the way???
There seems to be a lot of context missing because this does not make sense. A private entity has no say in what you pay after you purchase a property. Unless there is a private entity doing tax assessments. Which I’m hoping would be extremely unusual but I’m only familiar with the process in my area.
ARMs can go up. Generally not a great mortgage to get
That has nothing to do with private entities.
Probably the payment went up because of the taxes or insurance. Or maybe they didn’t have an escrow account and didn’t pay taxes or insurance and it was force placed.
If you have a variable rate it could also go up for that reason. But most people when rates were low had fixed rate mortgages.
Could be fixed rate that expired and had to be renewed, but with a new rate.
Dkarma@lemmy.world 8 months ago
That’s normal. You either cut years or cut monthly payment. Very rarely both unless rates are actively dropping.
A 15 yr saves you six figures over a 30 yr iirc so congrats!