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Landlord wants tenant to assume 11k/month mortgage on Penthouse. Tenant currently paying 6k/month rent.
(lemmy.world)
this post was submitted on 23 Aug 2024
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Housing Bubble 2: Return of the Ugly
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How do they have a 1.9m balance with monthly payments of 11k but have a maturity date of just 18 months away??
WTF takes out a 60 month mortgage?
$11K/mo. x 60 = 660,000, so at the end you have a balloon payment of 1.2 million?
This is in Canada. They don't offer 30 year fixed mortgages generally.