Our bank raised our interest rates again in 6 months on the loan for our home. Is this worrisome? We were told year ago that a variable interest rate was safe in Japan and would not increase and has done twice in the last year.
Our bank raised our interest rates again in 6 months on the loan for our home. Is this worrisome? We were told year ago that a variable interest rate was safe in Japan and would not increase much if it ever did and has now done so twice in the last year. We are now double at where we started.
It went from 0.7 to 1.35 now. A bit worried with all the financial issues in the world and global economy and oil shock it will go higher.
What can we do to prevent this or as a friend suggested switch to a flat rate loan? But that looked very expensive to get that done and all the documentation.
Not a financial expert at all so not sure what to expect for the future or how to prepare or keep ourselves safe from the effects of the global economy. Or this isn't as bad as I think it is.