*****
I know this is completely off subject, but I do that occasionally.****
Not only off subject, but dead wrong. The interest rate on "
fixed rated" mortgages never changes. Your monthly mortgage payment will remain constant for the life of the loan. Some people pay their property tax monthly with their mortgage as one payment. An increase in property tax can result in an increase in your monthly payment, but that's due to tax increases not interest rates.
If you have a 'variable rate' or a mortgage with a Balloon a payment, it can increase. But all of this is explained when you sign the loan. Don't blame the Fed. There should not be any surprises here.
Basic problem: There are two types of people in the world.
(1) People who think if it's possible for something to go wrong or bad, it will.
(2) People that always think everything be all right. The best possible outcome will always be THE outcome. They go through life just a wishing and a hoping. They also think that everyone in the world should look out for them, and their best interest.
I am of the first type. Folks who took out mortgages on houses they could not afford are of the second type.
As the folks in the military always say, don't make plans based on what the enemy might do, plan according to what he has the capability to do.
Cheers
Not only off subject, but dead wrong. The interest rate on "
fixed rated" mortgages never changes. Your monthly mortgage payment will remain constant for the life of the loan. Some people pay their property tax monthly with their mortgage as one payment. An increase in property tax can result in an increase in your monthly payment, but that's due to tax increases not interest rates.
If you have a 'variable rate' or a mortgage with a Balloon a payment, it can increase. But all of this is explained when you sign the loan. Don't blame the Fed. There should not be any surprises here.
Basic problem: There are two types of people in the world.
(1) People who think if it's possible for something to go wrong or bad, it will.
(2) People that always think everything be all right. The best possible outcome will always be THE outcome. They go through life just a wishing and a hoping. They also think that everyone in the world should look out for them, and their best interest.
I am of the first type. Folks who took out mortgages on houses they could not afford are of the second type.
As the folks in the military always say, don't make plans based on what the enemy might do, plan according to what he has the capability to do.
Cheers