[Mortgage Is 'Just A Fancy Bullsh*t Word For Paying Rent For 30 Years To The Bank,' Says Real Estate Billionaire Grant Cardone — Here's Why Renting Could Be A Better Financial Move

](https://finance.yahoo.com/news/mortgage-just-fancy-bullsh-t-171148202.html?guccounter=1)

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[+] 21 points 2 years ago* (last edited 1 year ago) (8 children)
  • [+] -6 points 2 years ago (7 children)

    Good luck getting a fixed-rate mortgage these days though.

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  • [–] 5 points 2 years ago* (last edited 2 years ago)

    I gotta renew and I have access to both fixed (6.08%/5y) and variable (6.80%/5y) rates.

    The thing about variable rate is that it will not change your monthly payments when the interest rate changes, it changes the amortization (ie: how fast or slow) you'll end up paying your mortgage according to the interest rate.

    It's a gamble though, personally I'd rather go with fixed at the moment. I did save a bit with the variable rate when I renewed in 2014 and the interest rate ended up going down.

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  • [–] 4 points 2 years ago (5 children)
  • [–] -4 points 2 years ago (4 children)

    I mean they're really hard to get now. Even with really good credit.

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  • Maybe I'm misinformed but I believe anyone can get a fixed or variable mortgage of whatever term they choose - the part that is negotiable is the rate on that debt.

    So like with good credit or a bigger downpayment you can get a lower rate, but either way you can still probably get a 10% 5y fixed I think almost anywhere.

    (I might be off - haven't looked at rates in a while)

    PS. Sorry about that other rude person. There's nothing wrong with not knowing something, as long as you're willing to learn

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