Embed Notice
HTML Code
Corresponding Notice
- Embed this noticeI dunno. I can't find it, but I was sure there were specific things in US law that made a 30 year mortgage economical whereas in reality it's an absurdity where the bank is taking huge amounts of risk assuming that the interest rates won't go up for 30 whole years.
In Canada, once you get much past 10 years the interest rates are so high nobody would possibly accept such a term. I looked around in England, and it appeared that 10 years was about the maximum there too. The fact that mortgage term and rate term are so close linguistically makes it hard to find information about it...