Viewing a response to: @tarazkp/overextended-and-ready-to-rise
>the terms for the fixed rate before returning to a variable is only a couple years for most Does Australia not have *fixed* fixed rate mortgages? In the U.S., you can lock in for 15- or 30-year mortgages (those are the common ones, I once had a 25-year mortgage) and then have the option of refinancing if rates drop semi-significantly.
| author | preparedwombat |
|---|---|
| permlink | re-tarazkp-r7ke4t |
| category | hive-167922 |
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They do, but they are typically only a couple years. The variable rate has been popular for a long time. In Finland, most go variable too. I collared the moal on ours for 10 years (the max) so it can only rise so far. This comes with an additional cost, and many people think me crazy. I am old enough to remember the early 1990s and with the rates so low now, it is a no brainer. They can only go a fraction lower, but there is a lot of potential on the rise side.
| author | tarazkp |
|---|---|
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