Yeah people are definitely up shits creek on so many of these loans it’s crazy. The wild thing about it as well is that for the most part people aren’t even earning the money they would need to pay these damn loans back, it seems a lot like 2008 all over again, people getting obscene loans for no damn reason.
We are so lucky with our mortgage, we locked it in as a fixed rate and we want to move but the problem is it would double or triple our mortgage lol so we are waiting our time for the right opportunity and also shopping within our budget.
It’s so important to be able to pay a little extra on the mortgage! We pay 50$ extra a month directly to the principle, it’s a little different than that, I just rounded up to the next 100 on the payment. I think it was like x46 and I rounded it up to 100 just to even it out. We don’t notice the extra money per month and it helps knock down the principle a little bit every month which helps us out in the long run for sure.
Bide your time a bit longer if you can, because after things break, the reset will happen and those who held through will have options. I think.
I can't do the math in my head, but if in the course of a year, one extra payment amount can be made straight onto the principle, it makes quite a difference to the end of the loan time.
1000 payment (interest+principle) x 12 + 1000 off principle extra
On a 25 year loan, it is something like 4 years shorter after all the compound interest savings?