As far as I know they still have opportunities to refinance if rates go down (get new mortgage at lower rate, pay off old mortgage in full). There are probably fees associated with it, but you aren’t necessarily trapped at the high rate for the full period.
On the other hand, in our system there’s a real risk that you may struggle to afford your home simply due to rates climbing.
As far as I know they still have opportunities to refinance if rates go down (get new mortgage at lower rate, pay off old mortgage in full). There are probably fees associated with it, but you aren’t necessarily trapped at the high rate for the full period.
On the other hand, in our system there’s a real risk that you may struggle to afford your home simply due to rates climbing.
Ya as I said Pros and Cons.
My parents at one point in the 80’s had a 3 month mortgage term because the rates were like 20%