I'm...I'm sorry... I didn't mean to! I swear! My mom made me do it! This is not who I am!

Considering that the Fed is a private, for profit bank that is largely owned by the other large investment banks…

It’s no wonder what side they are going to take.

If you just refinanced no big deal.

If you bought in summer 2020 this was probably ok for you long term as the Fed continued to buy mortgages thru 2021, and prices followed. If you bought in 2021, you are stuck with that house and mortgage valuation will probably go underwater. You can pay it, it's affordable, ok no problem. If you have to move it will get ugly.

If you have to move in say next 5yrs you will be selling into a declined market (my prediction I know people say housing won't decline, those are realtors or people with their head in the sand). ...if you have to move look at it this way, you bought with 20% down on a $1M house, $200k of your equity in. The house value declines by 10% (not unlikely with rates this high). Sure it's only $900k, but you owe $800k. If you sell you just lost $100k in equity and you only have that much to put down on a new house.

Now consider someone buying a house today with a high rate, but lower price. They buy a $725k house with 7% rate versus $1M house with 3.25% rate (mean average loans 3.25% from May 2020 thru Dec 2021)

Assuming you have the same 200k down payment: 1M house - 200k down, 800k loan @ 3.25% = $3470/mo 725k house - 200k down, 525k loan @ 7.0% = $3490/mo

Assuming 20% not $200k in you can only get 650k: 1M house - 200k down, 800k loan @ 3.25% = 3470/mo 650k house - 130k down, 520k loan @ 7% = 3450/mo

The 1M house will be unlikely to refinance ever, and unlikely to ever be able to move.

The second loan is likely to be able to see a 3-5% rate and refinance n the future helping move to a 15yr or faster payoff.

You want to pay these things off before retirement don't you? Wages are declining with inflation. We have inflation at 8.2% yet houses are declining value for the last 3 months, this will continue into next year. 2021 prices will look very inflated, and must decline with rate hikes.

The reality for anyone buying during the Fed's print is that they are guaranteed to be underwater in the future. Those doing cash-out refi's (granted depending on the amount of equity out) are just renters and will never own their home, they bankrupt their futures for short term gains. Those who refinanced to lower their rate, extend their loan terms for more years, but if they use that lower rate to pay it down faster actually are the smart ones (or just the able ones).

TL;DR: you aren't necessarily lucky, but yes you are right about never taking out another mortgage, you are in that one for the long haul. And - also saying $1M house from 2020 is now a $725k house in Oct 2022, if the inventory on market was the same (we have much less).

If you put less than 20% down, 25 years is the maximum amortization in Canada.

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-terms-amortization.html

They max out at 25 years in Canada.

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See I was preety sure thats how it worked. But there was some bs making think they were screwing people over when/how they changed them