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Sure, but it's a 30 year mortgage, so it'll still be there in five years. Plus, we might be in a new inflation paradigm. The last four years had almost 30% cumulative inflation.
No, long term you are absolutely right, just thought you are maybe saying your goodbyes too soon:) I had a mortgage in a country with 15% YoY official inflation and I think 30-40% YoY unofficial inflation. The problem is you don't get salary increase every year. So I really started feeling the difference on the 5th year or so, when salary finally caught up.
just thought you are maybe saying your goodbyes too soon
I'm definitely jumping the gun, but that's reasonable because my time preference is incredibly low.
In this case you should have said your goodbyes the moment you took the mortgage 😂
We sorta did. It was the tail end of the historically low interest rates and we knew inflation was coming.
Is your mortgage interest rate fixed for 30 years?
Yes
Sweet
Ah, that's what you mean. Well, they can evaporate only if there is a hyperinflation, couple of % won't do anything. You will only start noticing it in 5 years or more.