Fixed rate mortgages are great for protecting yourself from a bunch of unaccountable bureaucrats who can jack up the price of your loan post facto whenever the fiscal weather changes.
Instead, you get fucked over by a bunch of unaccountable bureaucrats who print an insane amount of money out of thin air, spiking the property value, which the tax authorities use to jack up the price of your loan post facto.
When you get that first bill of the new year:
https://void.cat/d/FVZKBy8hoSXLTmP2e3q2Pv.webp
Just don't pay property taxes. My fixed year 2.25% is basically free by year 10. 🙃
I'm sure we can find a nice roomy cardboard box to raise our kids in.
But to be fair, if you borrow a ton of fiat at low rates, you can watch inflation destroy the value of the debt while it pumps the value of the asset you bought :)
It’s all rent [drops mic]
Fixed rate lending has created myriad artificial markets with enormous profit margins for banks and the wealthy. It’s possible the 30 year mortgage is the largest contributing factor to the destruction of personal wealth.
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