The variable house loan crap was for everybody. When I bought a House in Texas 2 years ago, the guy from Prudential told me:
- You qualify for two rates, a 6.25% fixed rate, or a 5.15% variable rate.
- What does variable means?
- That it can adjust over time?
- Does that means that I can become 20% next week?
- Yes, but it's very unlikely.
- But possible right, no garantee it's stay at 5.15% or close to it.
- Yes, but not for years.
- That doesn't make sense to me, I'll take the 6.25% fixed.
Murphy's law always applied to me, I guess my life experience saved my butt. Too bad many still believed in ferry dust sugarcoated handouts.