this post was submitted on 09 Jun 2023
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It won't be enough until they see foreclosures. Just hope they stop tightening before you're up.
Currently my biggest fear.
We make good salary and have a mortgage half the amount the banks approved us for.
But we took bad advice from our broker to take variable when the rates were at 5% fixed because "they can't keep it this high for long so it'll come back down. You don't want to buy high and sell low"
Hoping trusting that advice isn't enough to sink us.
I remember paying 22.5% interest on my mortgage when I was young.
Buckle up
When mortgages were 100k.
22.5% today would cause literal riots in the streets.
This is Canada, we don't riot. Maybe QC.
I can still see my pregnant wife with our toddler by her side standing in front of an empty pantry.
Things were tough
Good old stagflation. That's what's worrying with the return to rate hikes.
I guess you can't lock in?
I can at 1% higher than my rate.. so 7%
I've got over 4 years left in the term.
I dont know what the right decision is because if it doesn't actually go up again then we're paying insane interest for the whole term.
I'm again worried about the "buying high, selling low" due to fear on my part
Oof. That is punitive. Your mortgage broker gave you terrible advice.
Yup. I honestly don't know what to do and don't know who to trust at this point.