On Mon, Jan 30, 2012 at 7:39 AM, John Sundman <[email protected]> wrote: > > Under the terms of our new mortgage, we're paying 2% interest, and that's > locked in for the next several years. The highest it can go is 4.5%. If, a > few years from now it seems that we should sell, we'll find some way to come > to terms with that, I'm sure. Although we're not getting any younger, and the > prospect is not enticing. >
if it will make you feel any better: the home loan interest rate in Nairobi is 23% . Inflation is somewhere between 27 and 32%. Unbelievably there is no shortage of people willing to take on such loans. Rents are hideously inflated because of high mortgage payments. Its only a matter of time before when the bubble bursts. Some banks will give you a fixed deposit interest rate of 16-17% if you are willing to deposit the equivalent of $10,000 or more.
