Just more evidence that this administration gladly serves up the American people to wall street. I am not a particularly smart person, but even I know there is zero advantage for home buyers here. It ballons the cost of a home multifold. Since the American leaders are smarter than me, it means that they are proposing these financial slavery contracts ON PURPOSE, and their goal is to bleed away the last dollar from the average American. Didn’t Elizabeth Warren warn this was going to happen?
Bank Workers, Rejoice!
Submitted 4 months ago by MTZ@lemmy.world to [deleted]
https://lemmy.world/pictrs/image/a08bbab1-f29f-4a7f-8923-ff86c0f1efba.jpeg
Comments
ToiletFlushShowerScream@lemmy.world 4 months ago
Blackmist@feddit.uk 4 months ago
I bought a fairly cheap house and paid it off as fast as I could.
Could I have made more by investing that money instead of shoving it into a mortgage? Maybe.
But you can’t live in an investment account. When the markets take a shit, you don’t lose a room from your house. And when it’s paid off, your outgoings are basically food, electricity and internet.
Corkyskog@sh.itjust.works 4 months ago
Don’t forget friggin property taxes
melonhusk@sh.itjust.works 4 months ago
guess it’s time to start planning my great-grandkids’ mortgage payments now. gotta secure that intergenerational debt early.
Delphia@lemmy.world 4 months ago
In Australia the Average mortgage loan term is over 30 years but the average duration before its paid out or refinanced is only 8 years. Id be more worried about the terms and conditions surrounding early payout and refinancing than the theoretical maximum term of the loan on paper because if they want to be truly predatory thats where it will be hiding.
Gammelfisch@lemmy.world 4 months ago
Well, the USA has 96 month automobile loans and this kind of shit does not surprise me. None of the asswipes in DC are discussing the piss poor income distribution in the USA which leads to affordability and a decent middle class life. In 1789, the French were 100% correct.
frezik@lemmy.blahaj.zone 4 months ago
Also, if the dealership is offering you 29% on a 7 year loan, please walk away. Stop giving in to that shit. It’s better for you, and it’s better for the rest of us.
REDACTED@infosec.pub 4 months ago
Why does he suddenly have vampire teeth
Swedneck@discuss.tchncs.de 4 months ago
because they’re parasites
infinitesunrise@slrpnk.net 4 months ago
Probably because it’s a cropped section of a shitty AI upres of a video still, here’s an original.
It’s from 2012 when the NASA JPL team did a successful first-ever “rocket crane” landing to get the Curiosity rover to the surface of Mars. It was actually a really touching / exciting moment, there’s lot of other photos out there of the team hugging and celebrating.
DarkFuture@lemmy.world 4 months ago
Such a stupid, stupid society.
nexguy@lemmy.world 4 months ago
I’ll take a 90% 1,000 year loan please.
buttnugget@lemmy.world 4 months ago
I’m gonna be dead in 20 years, so I’m so sorry to have to turn this down lol
infinitesunrise@slrpnk.net 4 months ago
They’re considering offering a 50-year mortgage product to a market where the average first time buyer age is 40. Like no joke they’re aiming to lock people into a mortgage that would cost more per month than renting the same property until they’re 90.
alekwithak@lemmy.world 4 months ago
they’re aiming to lock people into a mortgage that would cost more per month than renting the same property until they’re 90.
How do you figure that?
MTZ@lemmy.world 4 months ago
Me too bro, me too.
JamBandFan1996@lemmy.ml 4 months ago
I’ll counter with a 100 year 2% mortgage
tempest@lemmy.ca 4 months ago
I’m pretty sure interest only mortgages already exist in some places.
bibluz4@lemmy.blahaj.zone 4 months ago
Is the image AI? The face of the guy to the left is kinda weirdly focused.
infinitesunrise@slrpnk.net 4 months ago
Yeah it’s a cropped AI upres of a video still, this is the original.
It’s the Curiosity Rover team celebrating a successful world-first rocket crane landing.
bibluz4@lemmy.blahaj.zone 4 months ago
Thanks! The original image is so nice, why do the cropped AI version? :(
Trainguyrom@reddthat.com 4 months ago
I think it’s a famous photo of folks at NASA celebrating but it does look different. You might be right that this one’s been touched up or even fully generated by AI as the depth of field is just all over the place in a way that cameras don’t do. Also some funky compression artifacts that don’t really look like compression artifacts (which I’ve seen AI image generators add generate fake compression artifacts to generated images before)
stevedice@sh.itjust.works 4 months ago
Life hack for renters: You can just steal from the bank.
bebabalula@feddit.dk 4 months ago
Is this an actual thing in the us? We don’t have 50 year mortgages in Denmark but I can get a 30 year fixed interest at 3.5%
infinitesunrise@slrpnk.net 4 months ago
No, but our Treasury Secretary recently floated the idea. I believe there are already some 40-year mortgages, but they’re rare. The 30-year mortgage has been an American institution since it was standardized under FDR’s New Deal.
CrabAndBroom@lemmy.ml 4 months ago
Not a thing yet AFAIK, but Trump proposed the idea this week. You can get 30-year ones here in Canada too, but I’m not sure what the lowest fixed interest rate is currently.
webpack@ani.social 4 months ago
trump just announced 50 year mortgages
this is so awesome I can’t wait to be in debt my entire life
SaveTheTuaHawk@lemmy.ca 4 months ago
and your kids will be in debt.
If mortgages were capped to 20 years, the prices of houses would plummet.
bitjunkie@lemmy.world 4 months ago
That’s the fun part, you probably were already going to be!
Tryenjer@lemmy.world 4 months ago
Debt slavery is the new black.
bebabalula@feddit.dk 4 months ago
But are they really 17% interest rate?
sunbytes@lemmy.world 4 months ago
Don’t forget about paying back triple what you borrowed!
Zeon@lemmy.world 4 months ago
At this point I’m just buying an RV.
blindbunny@lemmy.ml 4 months ago
That’s what I did.
Zeon@lemmy.world 4 months ago
How is it so far? I’m thinking about getting a used motorhome around $15k, most likely from the late 90s or 2000s (one with at least a shower and toilet). I’m not a huge traveller, but boondocking seems interesting if I had a plan lined up, I would be open to living that way. I make around $65k/year and am single, no debt, so I think I could make it out. I already live a simplistic life, all I need is my guitar, laptop, and maybe a dog and I’d be chilling. The only thing I wonder about is surviving winter time or when it gets really hot out.
infinitesunrise@slrpnk.net 4 months ago
Bank workers are, at best, getting a small bonus when you sign that mortgage. Your fellow worker isn’t the enemy.
technocrit@lemmy.dbzer0.com 4 months ago
Banks are capitalist AF. Literally the heart of capitalism.
Pretty disgusting to hear these leeches framed as “workers”.
Passerby6497@lemmy.world 4 months ago
Bro, do you really think the owning class is the one on the other side of the desk when you sign the paper? No, it’s another peon like you or me.
Have some fucking class solidarity
infinitesunrise@slrpnk.net 4 months ago
The guy who facilitates your mortgage contract isn’t getting your mortgage payments. The corporation that employs them is. The guy is making a wage or maybe just an hourly salary, plus commission.
By your logic, the checkout worker at costco is skimming off your wages to gate your access to food and clothing.
Even a sleezy car salesman who is trained to convince you to sign an extortive contract isn’t oppressing you. He isn’t betraying you at a class level. His plight is exactly the same as yours.
FatVegan@leminal.space 4 months ago
The Nürnberger defense.
infinitesunrise@slrpnk.net 4 months ago
Yeah every commissioned salesperson you don’t like is literally nazi ss. Go off, moron.
UltraGiGaGigantic@lemmy.ml 4 months ago
These are the financial professionals that normal people should be able to trust to make important decisions.
technocrit@lemmy.dbzer0.com 4 months ago
financial professionals that normal people should be able to trust
wew.
infinitesunrise@slrpnk.net 4 months ago
No, they’re not. A lot of them don’t even have a degree in anything.
Your personal financial advisor is a person you should be able to trust with your important financial decision. They guy at the bank handing you a contract to sign is a bank employee with a script on rails, a manager, and a commission structure.
In a better world it wouldn’t be like that but in a better world I don’t think I’d be going to a bank in the first place.
87Six@lemmy.zip 4 months ago
I mean… They’re salesmen more than trustworthy professionals.
I see your point but the main issue is that nobody should ever trust the seller of anything to give them the info they need.
People should only ever trust trustworthy independent third parties… But those are hard to find.
I really don’t know what the solution is besides getting a better education, and I don’t mean a crap degree, I mean some more tangibile subjects in lower levels of school. I don’t blame them lightly, but people that accept this kind of thing aren’t the brightest.
Johanno@feddit.org 4 months ago
I’d like to differ. They are the ones selling you this slavery contract and probably don’t mention the impossible to deal with interest.
A bank worker who is not your enemy would suggest you to switch banks or give you a reasonable contract. Of course depending on bank they might lose their job over the last one.
menas@lemmy.wtf 4 months ago
No, it’s mean that the issue is not the workers, but the bankS. Or to be be even more concrete : the system that produce institutions with the function of bank. Opposing to those workers would not make a change; maybe you could make them fired, and others could take the place, but our choice wouldn’t make much difference compare to those of the employers in the bank industries. We could argue that opposing to one bank is the same; at most it could bankrupt (ironically), but other bank would take they function.
That why this is the whole industry we shall oppose to, to against one bank, but against all of then. This is why people in revolutionary union organize by industry, and not by firm or professions. Helping workers in the bank industries getting less hour/day, less harassement and better stability would make the situation where they could diminish or abolish the predation of their employers against others (that are not only customers). We couldn’t expect solidarity from people we are not solidaire to.
This is not about right or wrong, this is about effectiveness.
manuallybreathing@lemmy.ml 4 months ago
The american dream of home ownership is rooted in settler colonialism, and used as a tool to keep workers in debt and afraid to take risks organising
FishFace@lemmy.world 4 months ago
Right that’s why no other country had dreams of home ownership.
American exceptionalism really did a number on you guys!
technocrit@lemmy.dbzer0.com 4 months ago
Pretty sure almost every other country also inflicted or was subjected to colonialism/imperialism.
Sure, people in Belgium also have dreams of home ownership. That’s part of why they genocided people in Africa.
ChonkyOwlbear@lemmy.world 4 months ago
The Pueblo, Iroquois, and other non-nomadic Native American groups might disagree about the colonialism part.
technocrit@lemmy.dbzer0.com 4 months ago
Ah yes… The famous Iroquois mortgages… jfc.
LemmyKnowsBest@lemmy.world 4 months ago
So why do houses exist if nobody can have one?
technocrit@lemmy.dbzer0.com 4 months ago
Same reason that food isn’t free.
Capitalism relies on the violent deprivation of basic human needs in order to create exploitable victims.
Rooster326@programming.dev 4 months ago
Corporations are people and they can have as many as they want???
LemmyKnowsBest@lemmy.world 4 months ago
Sadly I’m afraid you are correct, that’s exactly what’s playing out. They’re squeezing everyone into becoming renters. We will own nothing and be h̶a̶p̶p̶y̶ vengeful.
Kolanaki@pawb.social 4 months ago
Decoration.
HasturInYellow@lemmy.world 4 months ago
I would rather eat my own children than sell them out to the future the banks have in mind.
These people have abandoned humanity.
InternetCitizen2@lemmy.world 4 months ago
Modesty
gandalf_der_12te@discuss.tchncs.de 4 months ago
These people have abandoned humanity.
I wish they would abandon Earth too.
UltraGiGaGigantic@lemmy.ml 4 months ago
So… how was your vasectomy?
HasturInYellow@lemmy.world 4 months ago
I really don’t understand your comment. Are you implying that I will have children and sell them out despite my claim?
man_wtfhappenedtoyou@lemmy.world 4 months ago
These people have abandoned humanity.
Well fucking said.
Pacattack57@lemmy.world 4 months ago
A 350k house assuming the national average on taxes and interest rates comes out to just shy of 1 million dollars. Over 650k in interest. The payment is $1700 which to put it in perspective my home was 260k at 2.8% interest and my payment is $1830 on a 30 year mortgage.
Trainguyrom@reddthat.com 4 months ago
Usually folks signing a very high interest mortgage do so to snag property while prices are down due to the rough market then will refinance in 2-5 years when rates are lower.
As long as homes are investments, buying a home as soon as you can regardless of interest rate is the most accessible path to financial success for the average middle class American
For one thing, when you buy a home you’re basically locking in your home payment for decades. A 30 year mortgage originated in 1998 would have the exact same payment this month as it did in 1998. Unless of course you pull equity out of the home in a HELOC or refinance but that’s generally not a good idea anyways since you’re trading long term wealth for short term cash, and that’s basically always a path to economic ruin. Point is though, whatever payment you lock in with your initial mortgage it’s not going to change significantly until the mortgage is fully paid off. Even if you refinance, even considering property tax changes, your home costs are largely not going to increase. About the only wildcard is insurance which those rates are mostly determined by the risk of property loss, so as long as you don’t live somewhere that is at relatively high flood, fire or hurricane risk you’ll probably not see a dramatic increase
Pacattack57@lemmy.world 4 months ago
You are not accounting for property tax which can significantly affect the payment. If property values rise, which they always do it will increase the payment. Making the saving from this moronic plan meaningless.
FishFace@lemmy.world 4 months ago
Is that on the 17% joke rate?
Pacattack57@lemmy.world 4 months ago
No it’s with 5.5% interest and a measly 5% down payment.
titanicx@lemmy.zip 4 months ago
I mean honestly good luck finding a 350,000 home. Even the homes that are 40 years old in my area are selling for 4 to 500,000. The new home build s are averaging 400 to $450,000 to start. So getting a home at $260,000 that you got would be a dream.
Trainguyrom@reddthat.com 4 months ago
good luck finding a 350,000 home
This is going to vary wildly by region. There’s tons of large cities where the going rate for homes is around 300k and there’s notable large cities where you’re lucky to find any property for under a million.
Depending on the market you might simply need to lower your standards if you’re filtering by homes built too recently or homes with a ton of square footage or a high number of bedrooms/bathrooms. Or you might be in a truly fucked market where your best bet is to get creative and either buy a home with friends and/or family or even buy a home with a family member or friend helping with the intial mortgage and then rent out some space or find some other hustle with the property (I’ve heard of folks buying homes & property in the country and turning it into a wedding venue for example. Or renting it out for film shoots or AirBnB or whatever else happens to work where you live. I know a guy who built an ADU just to rent out on AirBnB as a side stream of income)
Even the homes that are 40 years old in my area
That’s…extremely new even by American standards. I say this sitting in a home which was built while the ottoman empire still existed. Yeah there’s quirks and it would be nice if the home was built to more modern standards, but it’s nothing that a bit of creativity, ingenuity and maybe a contractor or two when you can afford them can’t sort out. Plus the equity I’ve gained in just a few years makes it a damn good choice that I bought when I did and didn’t wait until I could afford to buy the perfect house
So getting a home at $260,000 that you got would be a dream.
Hey, the house across the street from me is listed at that right now. It’s got a pool and some nice updates, decent amount of bedrooms and bathrooms. Cute place. I live in a pretty small town so you might not like that, especially since job availability can be a struggle here even during good job markets if you’re in a white collar role. On the other hand if you’re willing to change careers entirely it’s pretty affordable. Guy who’s selling it works for a landscaping company and mows lawns on the side for several folks in the neighborhood. Or I’m thinking I’ll go be a school bus driving as a backup if things go south with my employment status for example. See above about either lowering your standards to what you can afford or getting creative if you’re in a more fucked market.
Ultimately life in this world is all about finding the best way to enjoy the opportunities available to you. If you’ve got a career you love living somewhere you love maybe it’s worth renting for an extra decade or two until you can finally afford to buy. Or maybe you aren’t fully in love with your career and/or where you live so relocating or a creative change to your finances might make sense.
jmf@lemmy.dbzer0.com 4 months ago
You can still find sub 50k homes, but you will have to temper your expectations for the area and condition. Can’t be afraid to learn a few renovation tricks and get your hands dirty!
TankovayaDiviziya@lemmy.world 4 months ago
We laugh at this, but the older generations still remember when the mortgage interest was this high. I don’t know where you guys are from, but there is an old news reel from the 1970s here in Ireland when young families at the time complained of “high” house prices of up to 72,000 pounds, with mortgage interest of 14%. The folks on social media had their jaws dropped on learning of how high the interest rate was, but how cheap the overall property value was back then. Now how much are those houses at the moment? They are now worth between €690,000 to €1.5 million. High valuation but the interest rate is down in proportion. In any case, only few could afford to buy houses due to inflation and wages haven’t kept up with it.
WhatGodIsMadeOf@feddit.org 4 months ago
They actually ended up getting married after that hug.
MystikIncarnate@lemmy.ca 4 months ago
A 50 year mortgage will be a lot like renting. Because the bank will own your shit until you die.
danhab99@programming.dev 4 months ago
That’s what we get for saying “why can’t I get a mortgage when I pay more in rent just bc my credit is bad”, the banks figured out how to rent properties to you.
DJKJuicy@sh.itjust.works 4 months ago
I can’t believe this is real.
Home ownership out of reach? No problem, just never own a home. Bing bang boom.
peoplebeproblems@midwest.social 4 months ago
So I did the math. A 30 year fixed and a 50 year fixed have a monthly payment difference of $1.
What the absolute fuck.
blarghly@lemmy.world 4 months ago
kryptonianCodeMonkey@lemmy.world 4 months ago
Headline: Save 200 dollars a month with a 50 year mortgage over a 30 year!
Subtext: … and end up paying double the interest to us for the benefit, and die before your loan is paid off so we get to take the house back from your corpse, sell it on the cheap to a corporate real-estate investment firm (that we have stock in) for just enough to cover the remaining mortgage balance. They’ll turn your multi-generational family home into a shitty rental property or leave it empty to keep the rest of their rents high and your children get nothing cuz fuck em!
MrMakabar@slrpnk.net 4 months ago
Anybody who believes a 50 year mortgage is a good idea, does not understand discount rates…
the_q@lemmy.zip 4 months ago
My favorite part of this whole 50 year mortgage thing is the shock that you’d pay like $1.7m for a $400k house over the 50 years while not batting an eye at paying $900k for a $400k house over 30. It’s even funnier because houses don’t have a set value, can change on a whim and have become a path to wealth instead of the necessity that is shelter.
The quality of the materials and the precision of the build has gone down while the prices rise, and everyone’s like “oh this sucks, but the market”.
Hufschmid@sopuli.xyz 4 months ago
30 vs 50 year mortgage at 6.25% interest rate on a $450,000 home:
30 year: $2771 per month and pay $547,000 in interest over loan duration ($997,000 total) 50 year: $2452 per month and pay $1,020,000 in interest over loan duration ($1.47 million total)
So for the extra cost of $319 a month ($114,000 over 30 years), you can save $473,000 by going with the 30 year loan, and be done 20 years sooner.
Sourced initial figures from this cnn article: www.cnn.com/2025/11/11/…/fifty-year-mortgage