61
submitted 1 year ago by RandAlThor@lemmy.ca to c/canada@lemmy.ca

About one out of every five home loans at three big Canadian banks are now negatively amortizing, which happens when years get added to the payment term of the original loan because the monthly payments are no longer enough to cover anything but the interest.

you are viewing a single comment's thread
view the rest of the comments
[-] ultratiem@lemmy.ca 8 points 1 year ago

They are basically making it a generational purchase. Like your parents buy a home and then on their death bed, pay it off and hand you the key.

Can’t wait till it’s like 200 years 🙃

this post was submitted on 05 Oct 2023
61 points (91.8% liked)

Canada

7187 readers
471 users here now

What's going on Canada?



Communities


🍁 Meta


🗺️ Provinces / Territories


🏙️ Cities / Local Communities


🏒 SportsHockey

Football (NFL)

  • List of All Teams: unknown

Football (CFL)

  • List of All Teams: unknown

Baseball

Basketball

Soccer


💻 Universities


💵 Finance / Shopping


🗣️ Politics


🍁 Social and Culture


Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:

https://lemmy.ca


founded 3 years ago
MODERATORS