Re:The Airbnb Bubble Popping Will Pop the Housing Bubble
by rbjorklin on Monday September 04, 2023 @04:36PM
(#37384779)
I think most places outside of the US has fixed term lengths of max 5 years for which you can lock in your interest rate.
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Re:The Airbnb Bubble Popping Will Pop the Housing Bubble
by kypro on Monday September 04, 2023 @04:46PM
(#37384891)
Yeah, the US is an outlier. In most countries the government doesn't back mortgage loans so we have to refinance after a few years. Basically every mortgage in countries like Canada and the UK is what the US would consider an "ARM".
Re:The Airbnb Bubble Popping Will Pop the Housing Bubble
by itsoktocry on Monday September 04, 2023 @05:33PM
(#37385306)
Canada's government backs mortgages through the CMHC.
We have shorter term fixed rates, usually capped at 10 years. We also have variable rate mortgages, which are ARM equivalent.
Re:The Airbnb Bubble Popping Will Pop the Housing Bubble
by red-iron-pine on Tuesday September 05, 2023 @02:20PM
(#37395701)
yeah common in Canada. Generally 5 year. House is amortized over 25 but you basically renew the loan every 5 years.
US-style 15 and 30 year are unheard of. Kinda glad I didn't buy during COVID cuz I'd be getting slammed now...