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Do all those ARM's blow up the economy?

Do house prices fall, lowering taxes, which fucks City/County/State budgets?

ELI5, what would a 1-2% raise in the interest rates do to US housing?

Do all those ARM's blow up the economy? Do house prices fall, lowering taxes, which fucks City/County/State budgets? ELI5, what would a 1-2% raise in the interest rates do to US housing?

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[–] • 3 pts

I'm legitimately confused by the question. Every single National & Regional bank I've ever seen offered 15 & 30 year fixed mortgages.

Just pick the top 5.

[–] • 0 pt

So you don't think I'm cherry picking by knowing any particular banks products, name one and I will pull up their site to proceed with this discussion.

[–] • 0 pt

Ok. I'll pick the worst one I can think of - Wells Fargo.

[–] • 1 pt

Jesus you weren't kidding. Very limited options on their site. Their 30 year fixed was 3.7% and I couldn't find anything about their prepayment privileges.

A better lender would give you more term options, with the same amortization of 30 years. So you take 5 years at say 1.99%, now your payments are much lower, BUT at the time you set it up, you tell them to make your payments higher. Every extra dollar goes directly against the principal and a few extra hundred bucks agaisnt the principal each payment can knock years/decades off of the mortgage and have it paid off quicker and make you end up paying much less in interest. The devil is all in the details though.

[–] • 0 pt

Oof...I feel for you, this was a painful read lol. This person has no idea what they're talking about.