An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think “that’s 15 years I’ll spend paying back, at absolute minimum. Probably more like 25 years” - how can I possibly plan that far in advance?

So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I’m mainly talking about the emotional side of things rather than financial

  • gramie@lemmy.ca
    2·
    7 months ago

    Note that this is an American experience. In Canada, every time you renew your mortgage the interest rates are set at the current rate. So people renewing their mortgages now are paying around 7% interest, whereas 5 years ago they might have been paying 2%.

    One of my co-workers had his mortgage payment jump from about $2,500 to $3,500/month a couple of years ago.

    • partial_accumen@lemmy.world
      1·
      7 months ago

      Note that this is an American experience. In Canada, every time you renew your mortgage the interest rates are set at the current rate.

      Thats very true. Isn’t the longest mortgage rate in Canada something as short as 5 years or so? I have no idea how you guys can manage that. This is especially true with hot housing markets the Vancouver or the GTA where the price of homes already is insanely high.