this post was submitted on 26 Aug 2026
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Stopping all fediverse activities. Good bye.
Absolutely stupid indisriminate bans by mods on various instances make it clear to me lemmy and fediverse does not want content.
if I ever get back to fediverse It would be on my own instance as its clear to me nothing short of that is going to work.
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Today a 30 year fixed at 6.48% for 400k with 80k down payment is $2,400 / month with insurance and property taxes, but let's just say 2,500. That currently will rent a nice 3 bedroom apartment in mid sized metropolitan areas. In 30 years the mortgage might be 3,000. What would a 3 bedroom apartment be renting for? 30 years ago it was 1,200 ish. So 30 years from now, 5,000 for that apartment?
Mortgages make sense for the long term, not just equity (house value goes up) but stability in your monthly housing budget.
That mortgage will end up costing 862k, not 400k. But let's be clear, 6.5% interest is horrendous, you can get a lower rate sometime in the next decade. This plan makes even more sense if the money you save as the years roll by you invest in retirement instead of getting a boat, motorcycle, or avocado toast.
Not to mention that hopefully your salary also increases so you can pay to capital if the interest rate is higher than what you can get is you invest it
Motorcycles don't have to be expensive. Buy used, repair/maintain yourself and it's not bad
I don't know how it works in the US but here you remortgage every 5 years with a new interest rate, and as we head into a bad recession, those rates are going to get insanely cheap
Re financing comes with fees and doesn't make sense to do often. They hide the fees into the new mortgage. Banks don't lower your costs for funsies.
I'm on floating mortgage so I don't think I'm affected - floating just follows the prime interest rate of the BoC + 1.5% or something
Gambling to go with floating but to me its a no brainer that rates will get cheaper
There are many options that make the whole thing more complicated. For demonstration a 30 year fixed is easiest.