Thread in which the world laughs at America

[MikeH]

Why? The poor can't riot if they're sick can they?

Financially worse off, unless it continues for weeks or gets worse the rioting isn't that significant in the grand scheme of things.

[Asher]

I can now get a 5-year fixed mortgage rate of 3.07%

And it's expected to go down more! Good times...

[Jon Miller]

With the stock market tanking and the mortgage rate decreasing, we will expect housing prices to increase?

JM

[Hauldren Collider]

You are clearly some kind of mentally deficient moron.

It is a moral issue -- providing access to everyone. The specifics of how that is implemented are up for debate (Germany vs Canada vs the UK...). This is not, in any way, logically inconsistent. Please learn how to read, comprehend, and respond appropriately instead of wasting my time.




Your reading comprehension skills are just short of Ben Kenobi's. Congratulations; you're an idiot.

Zevico's a hell of a lot more insightful than you, and your mudslinging reeks more of Ben than anything Zev's ever said.

[Asher]

Zevico is a moron and so is anyone who thought his posts here were "insightful". That's not mud-slinging, it's a simple, observable fact.

Recap of his positions:
1) Positions cannot be "heartless"
2) Universal health care has nothing to do with morality
3) It is an example of religious bigotry and a hate crime to use the phrase "Jesus Christ" (this is my best guess for the reason I am guilty of a hate crime, I can't fathom anything else remotely even close)
4) It is logically inconsistent to say it is a moral duty to provide health care to all citizens in rich, developed countries, but to say there are details in the economic implementation of this that can be debated

Insightful indeed.

[The Mad Monk]

I can now get a 5-year fixed mortgage rate of 3.07%

And it's expected to go down more! Good times...

Did you drop a one, there, or are you simply rolling in cash?

[Asher]

Did you drop a one, there, or are you simply rolling in cash?

Hmm?

Incidentally I am rolling in cash right now with close to zero expenses and a ****load of income between me and my SO.

[The Mad Monk]

Five year mortgage?

[Asher]

Well, the amortization period doesn't matter for the rate. I was referring to the term.

[Asher]

I'll probably get a 20-year mortgage, but with liberal prepayment options. My goal is to have it 100% paid off in 5-7 years, but I'd like flexibility on the biweekly payments so I'll keep them lowish.

[ColdWizard]

Well, the amortization period doesn't matter for the rate. I was referring to the term.

I've never heard of a 5 year fixed program. 10, 15, 20, 30, 40 years but not 5. Unless you mean 5/1 ARM.

[Asher]

I've never heard of a 5 year fixed program. 10, 15, 20, 30, 40 years but not 5. Unless you mean 5/1 ARM.

The standard mortgage, at least in Canada, is a 5-year term with 25 year amortization period. The rate is fixed for the term, then it is renewed after the term expires with new rates.

In the US, do you carry the rate for the entire amortization period?

[Asher]

This is interesting.

2. Shorter-Term Fixed Rates in Canada. Canadian mortgages carry a fixed interest rate for a maximum of five years, and rates are then re-negotiated for the next five years, similar to a five-year adjustable rate. This practice allows banks to achieve a better maturity match between their assets (mortgages and loans) and interest income, and their liabilities (deposits) and interest expense, which protects them from the kind of maturity mismatch and interest rate risk that resulted in our S&L crisis and almost 3,000 bank failures in the 1980s and 1990s.

Ghetto USA

Bottom Line: Taken together, the features and regulations of banks in Canada outlined above create a healthy and sound “pro-lender” environment absent of political motivations for outcomes like greater homeownership, compared to the often politically motivated “pro-borrower” and “pro-homeowner” policies of the United States. While Canada’s banking system has promoted responsible borrowing and prudent lending and underwriting practices with little politically motivated interference, the U.S. banking system seems to have encouraged excessive lending to risky borrowers because of the political obsession with homeownership.

Canada’s banks are generally ranked as the safest and soundest in the world, and their non-politicized banking system could provide a model for banking reform in the United States. Moving towards the Canadian banking system could go a long way towards stabilizing our mortgage, credit, and housing markets and make us less vulnerable to financial shocks in the future.

[ColdWizard]

The standard mortgage, at least in Canada, is a 5-year term with 25 year amortization period. The rate is fixed for the term, then it is renewed after the term expires with new rates.

In the US, do you carry the rate for the entire amortization period?

We have fixed rate programs where the rate is fixed for the entire term of the loan (10, 15, 20, etc years). We also have adjustable rate programs where the rate is fixed for X number of years and then adjusts (yearly) according to the index of the particular program for the remainder of the term (generally 30 years in total). 3/1, 5/1, and 7/1 are the most common ARM programs. ARMs are also capped in the amount that the rate can increase in any single year and a maximum increase over the life of the loan.

[ColdWizard]

This is interesting.







Ghetto USA

Subprime loans were a horrid idea perpetrated for greed and cloaked with "fulfilling the American Dream" of home ownership.