You literally beat me to this reply by like 4 minutes haha. Banks were giving variable mortgages to people who could barely afford current rates, they don’t give a shit.
I would never ever take an adjustable rate mortgage. That is just begging to get fucked. Like right now for example. My mortgage is like 4.2% but if it were an adjustable id be at like 6+% and be out of a house.
That’s what life insurance polices are for. Will be pretty hard to get one with her cancer diagnosis though.
Are you not required to have a joint life assurance policy as a condition of a mortgage in the US?
In the US they want you to default. They can flip the house for more than you owe them.
I bought last year and there was nothing in the process that wanted either of us to have life insurance.
lol no, the bank doesn’t care, they’ll just take your house if you can’t pay
You literally beat me to this reply by like 4 minutes haha. Banks were giving variable mortgages to people who could barely afford current rates, they don’t give a shit.
I would never ever take an adjustable rate mortgage. That is just begging to get fucked. Like right now for example. My mortgage is like 4.2% but if it were an adjustable id be at like 6+% and be out of a house.
Sure, but the main reason they didn’t care is because they were immediately selling the debt to a pension fund.
When the owner defaults, the bank doesn’t even own it anymore, and someone else finds their pension is suddenly underfunded.
Or when the housing market is booming, they’ll repossess the house and sell it again for even more of a profit.
Not anywhere that I’ve seen, just home owners insurance and mortgage insurance if you pay less than 20% down.
Nope, at least not for my mortgage. The only thing that was required was a home owners insurance policy.
Lmao, what? You really think that?
Love how everyone in this subthread are sure they all live in the same country with the same rules and same banking system.
Globalization and capitalism babyy
Not a fan of the latter but that’s life ☹️