• dreday@kbin.social
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    1 year ago

    The Feds are raising interest rates to combat inflation. Now is not the time to borrow.

      • Hyacathusarullistad@kbin.social
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        1 year ago

        Frankly it was a steal compared to what some of the places we missed out on went for. One place we looked at was listed at 419, we offered 610, and it sold for 731. It was a ~1000 square foot bungalow with a half finished basement.

  • Fiddler@kbin.social
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    1 year ago

    Poland here. Was quoted 2-3 months ago anywhere from 9.5% to 11.10%. Fixed rate for 5 years and then it would be updated to whatever the new rate will be.

    I refused, gave up the purchase of a house till the prices will calm down (if ever), going to buy a boat to live aboard.

  • GreatWhiteBuffalo41@slrpnk.net
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    1 year ago

    Damn, what country are you in? I bought at the tail end of the 2008 crash. Things were still low but, coming back up. I think I’m at 4.5%

    My friends parents bought in 2007 and keep making terrible financial decisions so they can’t refinance. If I understood right their interest rate is 15% or something INSANE.

  • Mateng@kbin.social
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    1 year ago

    Germany. We got our loan in 2018 for 1.78%. A friend of mine even negotiated 1.4%. However, we have a loan term length (is that the word?) of 10 years, so let’s hope rates will be low again in 2028.

    Edit: It’s a fixed interest rate over 10 years. Zinsbindung in German.

    • ferallettuce@kbin.social
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      1 year ago

      @Mateng

      @briefingWizard936

      Loan term refers to the total life of the loan. A 10 year term would mean you could pay off the loan in 10 years through making minimum payments.

      Are you referring to an adjustable rate mortgage (ARM)? That’s what’s they’re called in the USA. ARMs haven’t made a lot of sense in most cases as of late.

      What does lending look like there? Do you all do 30 year mortgages too? Do you have an option for a fixed rate mortgage?

      • Mateng@kbin.social
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        1 year ago

        No, what I meant was a fixed interest rate over 10 years (German: Zinsbindung). The loan is over ~30 years.

        After 10 years, we can decide if we change the lender or stay with them. The lender can decide on a new interest rate.

  • -spam-@kbin.social
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    1 year ago

    In Australia but we are just over 7% on our variable rate. Think 2 years ago it was down at like 3.something%.

    Our reserve bank keeps upping the cash rate to “combat inflation” but all that is doing is making those of us with home loans give the banks more of our earnings while we already couldn’t afford to splash out.