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Black Mamba

Black Mamba

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MikelArteta said:
www.thestar.com

Barrie-area woman watches mortgage payments soar from $2,850 to $6,200, forced to sell

Cora Cook says her family is forced to sell their dream home less than two years after moving in, after their mortgage payments doubled.
www.thestar.com www.thestar.com
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Saw this earlier this week they bought something they couldn’t really afford
She’s an aesthetician and her husband a home construction worker
Probably make around 60k each a yr(which is probably more for to be accepted for their mortgage)



Decided to pull a near million dollar mortgage
At a variable rate probably cuz it was lower
But didn’t think of how it could go?
Straight degenerate gambling behavior:wow:
You don’t need to take a house that much even if you get approved for all that money :dead:
 
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Black Mamba

Black Mamba

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MikelArteta said:
i can tell you don't live in toronto because you can't get a house for cheaper than that
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Yeah I don’t but I wouldn’t be trying to get myself trapped into shyt like this, and me and wifey household income is bigger than theirs :dead:
shyt at the very least take the fixed rate :damn:
 
I

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jdubnyce said:
Yikes...who is advising them
Should've locked in long time

Sorry but anyone who has been sitting in a var rate over the last 12-18 months :ufdup: believe you can lock in at any time
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The issue is variable rate was trendy and many were spreading how much wiser it was to take variable over fixed. Now many of those people that followed that advice are in big trouble right now.
 
trap101-ETHout-Allegri-In

trap101-ETHout-Allegri-In

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jdubnyce said:
Violence free bana :blessed:
Heading to island soul tomorrow :wow:
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Since I live right on the doorstep took a stroll around 6pm, was all good vibes, no manz were on a mean mug tip....most of the young bucks with their skinny azz twig selves didn't look like they were out.....demon time didn't prevail today.....good thing....
 
JLova

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Instant Classic said:
Yeah, I remember some people at work taking on variable instead. I think people were following what people were saying on reddit and the news about variable rates.

Like look at this reddit thread for example of people saying they went with variable and were okay with sticking with it

Click to expand...

All of our mortgages are glorified variables. There are ppl coming off fixed right now and renewing into payments that are 50% higher.

Hindsight is 2020 but there was plenty of talk back then that rates would go lower coupled with Bank of Canada telling people to go nuts because rates would not go down until end of 2023.

As far as locking in, banks aren’t stupid. They made sure they made those lock in rates high as fukk.

But as king as Libs continue to spend like some idiots and bring inf millions of immigrants inflation will go back up and we will all feel it.
 
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