- Joined
- Feb 28, 2019
Hey hey now, here's a question
If you can refinance a mortgage, can a bank refinance it too? Can they say "your interest rates do not currently reflect the market and we are going to have to adjust them."?
Global Depression 2022 - Time to do the Breadline Boogaloo!
- Thread starter contradiction of terns
- Start date
If you can refinance a mortgage, can a bank refinance it too? Can they say "your interest rates do not currently reflect the market and we are going to have to adjust them."?
- Joined
- Jun 24, 2020
Depends on whether you have a fixed- or adjustable-rate mortgage. The former, IMHO, are much safer for the borrower, since you won't be subject to the Rate Hike of Damocles.
A mortgage can be modified, but the bank or loan servicer needs your permission to modify it, with all the necessary disclosures.
Hippopatumus
kiwifarms.net
- Joined
- Jan 9, 2020
Not generally in the United States.
Exceptions are exotic investor-focused products and home equity lines.
- Joined
- Jun 24, 2020
Refinancing loans are a thing, provided the borrower has the ability to repay. That's basically what a second mortgage is for.
- Joined
- Dec 31, 2018
Interesting. Yahoo finance said the average was 6.3 yesterday. Either way we'll probably be around 7-8% within a few months. I know some people that put their home up for sale recently and they aren't getting offers because of the sharp increase in mortgage rates. Of course they refuse to drop the price.
Hippopatumus
kiwifarms.net
- Joined
- Jan 9, 2020
- Joined
- Dec 31, 2018
If you have a fixed rate mortgage banks can't just change the rate on you cause it's not a good deal for them anymore. I suppose they could have laws changed that would allow them to do that.
- Joined
- Jun 24, 2020
Like I said, they can modify a loan, but they have to have your consent. It would also probably be negotiated through lawyers.
They can't just change the terms of a loan without telling you. That's blatantly illegal.
- Joined
- Feb 23, 2021
I thought this was an interesting vlog about the current state of the housing market.
- Joined
- Apr 1, 2022
Diesel itself is not going to be the problem, it's fairly easy to make-it's one of the lowest runs of the petroleum refinery stack. The problem, as usual, is the regulations placed on diesel. Those of us who aren't foaming zoomers will remember a time when diesel used to be dirt cheap and smell like shit. This was changed over the last decade as diesel exhaust fluid (DEF) was required to start all diesel engines.
DEF is part urea, which as the name implies, is part of the urine mammals excrete. And again, as usual there's only one country in the world that makes the plurality of DEF components, most importantly urea extracted from pig urine: China. China isn't the best place to be a tourist, or a corporate shill, right now. They're shutting down their pig farms because muh covid, and stopping cargo vessels from coming to port, means that urea from China isn't reaching any truck stops, globally. And just to add to the problem, railways are cutting back shipping, due to shortages, which means DEF can't get to truck stops even if it's available in the warehouse.
All of this can be stopped if countries allow flashing the ECU on some truck fleets (such as trucks owned by farms) to start without checking for DEF, but then the trannies will squeal about climate change, and we'll end up paying $10 for a carrot.
Somewhere to start if anyone wants to dig deeper:
The worst shortage you haven't heard of
Should China occupy Taiwan, it would control a majority of the world's microchip manufacturing production. But China needn't invade Taiwan to bring America to its knees — simply reducing urea and other existing Chinese export...
There's an economic train wreck coming
A railway's request would cut tens of millions of truck miles just as driver shortages persist and truck availability is already tight.
- Joined
- Jul 29, 2020
As a European cars are a mystery to me so it's incomprehensible to me how South Korea's economy is failing (according to Wikipedia) because almost half of their cars rely on Chinese pig piss, which they refuse to export without proper inspection.
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- Joined
- Dec 31, 2018
People rushing to get a mortgage before rates go even higher. This will be short lived and a lot of people won't be approved at higher rates.
- Joined
- Feb 23, 2021
I am sure they were people just waiting for the market to crash and buy in. Now, it is unknown how much it might actually crash. I have heard some interesting arguments about AirBNBs going under, but I am not sure how much they make up of the general housing stock.
I know my own situation and it is the same situation many other people I know are in. We are stuck with current prices and interest rates, so these homes will not come on the market. I think people who bought within the past two or so years with ARMs are probably hating life right now and they may very well be forced to sell/go into foreclosure. I'd have to look into what percentage of homeowners are actually in this situation. ARMs can be OK. I bought my house 7/1 for 2.6% for free (lol, look into Fannie Mae first time homebuyer programs - they paid 10k of closing costs which included all the points to get that rate), but refied for a standard 30 year in 2019 or 2020 for 2.1%. The thing about ARMs is if the interest rate goes down, your interest rate will also go down to the floor amount. I think in the contract, that was .99%. The max they would charge would be (at the time) 7.99%. I am sure that number is much higher now for new contracts. So if you can leverage it, ARMs are great, but timing and luck is a lot of everything with it. Point is, there is zero incentive for anyone holding a mortgage far below the current interest rate to sell, even if they want to. They know they will take a fucking bath in financial sulfuric acid, so it won't be the first choice, especially with rents so high. With that, there isn't a lot of new inventory besides from people wanting to offload their investment properties. With an economic downturn, there will be less qualified buyers. But prices will likely remain sticky as real estate investment firms try to buy what there is in cash and outcompete whatever plebs can actually qualify. Unless they all collapse, but the corruption is so great currently in the system, I doubt that will happen.
- Joined
- Jun 24, 2020
According to ZeroHedge, the Land of Milk and Hentai is really gonna get tentacled:
- Joined
- May 5, 2022
If my father taught me anything in the world, is might makes right. I remember when he just doubled interest in some money I had loaned from him in high school and said he'd lower it if I could win in a wrestling match against him.
We both knew I would loose since he was a semi-professional and I have connective tissue disease(s). So instead I got a broomstick and beat him until he gave up. Still got beat up pretty bad since neither of us pull punches
I jokingly say this, but someone needs to get like a 55 gal drum, distribute and collect all the piss from weebs and neets who use piss bottles. You'd make a killing making DEF from that before the gov shuts you down for OSHA violations.
Meriasek
kiwifarms.net
- Joined
- May 16, 2020
I don't know about global, but opening the news or really just reading anything about the world these days certainly gives me depression.
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- Apr 12, 2016
That's the entire point.
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- Dec 10, 2021
The default state of the world has always been suffering
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- Jun 24, 2020
I love how the declines are always "unexpected".
- Joined
- Aug 16, 2019
Declines are "unexpected" because they want to leave you holding the bag.