This Could “Break” the Housing System as We Know It
Summary
This article discusses the concept of "portable mortgages" and how they might impact the US housing market and the existing 30-year fixed-rate mortgage system. While potentially helping with affordability and transaction volume, hosts should be aware that the US system differs from places like Canada, which have shorter terms and prepayment penalties.
Key Insights
- •Portable mortgages are a concept being explored in the US to address housing affordability. Homeowners could take their mortgage with them when they move to a new home.
- •In Canada, portable mortgages often have shorter terms (5 years) and include prepayment penalties.
- •The American mortgage system relies on predictability and the bundling of loans, which impacts rates. Prepayment is a known factor, priced into 30-year fixed-rate mortgages.
Watch Out For
- ⚠Failing to understand the differences between the US and Canadian mortgage systems regarding portability could lead to inaccurate assumptions about potential benefits.
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