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null_dot@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago

Idiocy.

The bank doesn’t get the down payment. The person selling the house does.

You pay that person the down payment, and the bank pays them the rest.

Honestly there’s loads of great reasons to hate banks but lots keep it real and avoid making up nonsense.

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ZombiFrancis@sh.itjust.works ⁨1⁩ ⁨month⁩ ago
Banks typically ask for you to have cash in hand (deposited), or equivalent leverage, to qualify for loans in the first place.

The bank I used actively tried to get me to go with less down payment, and subsequently take out a larger loan.

But yes it is the height of idiocy to say, ‘down payment deposit’ when ‘qualifying assets’ is a more accurate term for the transactions function.

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- null_dot@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago
  
  They need you deposit that down payment cash ASAP so they can lease it to billionaires and crypto exchanges.
  
  No, this is patently false and borne of a misunderstanding. Idiocy.
  
  When providing a mortgage, how does a bank get money to lease to billionaires and crypto exchanges?
  
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  - ZombiFrancis@sh.itjust.works ⁨1⁩ ⁨month⁩ ago
    Banks do leverage mortgage debt. Essentially the same process, in turn.
    
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    null_dot@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago
    So why do they need your deposit in order to lease it to billionaires and crypto exchanges?
    
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