Bank Workers, Rejoice!

Comments

• Sabin10@lemmy.world ⁨4⁩ ⁨months⁩ ago

  A mortgage that lasts longer than your career is how you build generational debt.

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• UnderpantsWeevil@lemmy.world ⁨4⁩ ⁨months⁩ ago

  Subprime Rides Again, baby.

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• Makeitstop@lemmy.world ⁨4⁩ ⁨months⁩ ago

  Average age of a first time homebuyer is now over 40. Even at a reasonable interest rate, most buyers would die before they actually own the house.

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  • MystikIncarnate@lemmy.ca ⁨4⁩ ⁨months⁩ ago

    The year I turned 40, was the year I moved into my first non-rental property.

    I’m living proof that shit is fucked up

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    • TastyWheat@lemmy.world ⁨4⁩ ⁨months⁩ ago

      I’m a couple of years older and JUST escaped renting. It’s ridiculous!

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    • ivanafterall@lemmy.world ⁨4⁩ ⁨months⁩ ago

      I’m turning 40 in a few days. I finally moved into a crazy beat-up fixer-upper/possible crime scene about 3 weeks ago.

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  • Diplomjodler3@lemmy.world ⁨4⁩ ⁨months⁩ ago

    And then their kids keep paying until they die and still haven’t paid it off, even though they’ll have paid twice the original amount by that point. Whoever came up with this bullshit is probably right now buying their third yacht from the bonus.

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    • gibmiser@lemmy.world ⁨4⁩ ⁨months⁩ ago

      30 year mortgage means you pay for the house twice with interest. 50 year mortgage means paying for the house 3x.

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  • Fredselfish@lemmy.world ⁨4⁩ ⁨months⁩ ago

    So basically you won’t own shit.

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    • MystikIncarnate@lemmy.ca ⁨4⁩ ⁨months⁩ ago

      Never did.

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  • partial_accumen@lemmy.world ⁨4⁩ ⁨months⁩ ago

    I know someone living in the Netherlands (home of Lemmy.world!) that told me they had interest only mortgages that didn’t pay toward the principal and that this was common over there. It seems like these new 50 year mortgages in the USA are a step going that same way. Anyone from that area confirm this?

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    • AtariDump@lemmy.world ⁨4⁩ ⁨months⁩ ago

      Screw .world

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    • ivanafterall@lemmy.world ⁨4⁩ ⁨months⁩ ago

      How would that work, even on paper? Not being a dick, just don’t understand. So it’s literally just, “you can never own this property fully?”

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    • gergolippai@lemmy.world ⁨4⁩ ⁨months⁩ ago

      Dutchie here, nope. We are paying both principal and interest. Plus when i to it out, my mortgage was 102% of my home’s value. And as it stands, the bank owns my ass exactly until I retire 🤷‍♂️

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    • nonagonOrc@lemmy.world ⁨4⁩ ⁨months⁩ ago

      I’m Dutch, just bought a home, and I’ve never heard of that. I personally don’t buy that story.

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    • greygore@lemmy.world ⁨4⁩ ⁨months⁩ ago

      Not sure if this is what they were talking about, but balloon mortgages are a thing here too. I can’t ever imagine considering one, but they exist.

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    • KoboldCoterie@pawb.social ⁨4⁩ ⁨months⁩ ago

      At that point, the bank is buying the house, they’re just renting it to you for a very cheap rate. The “purchase” is just you entering into a long-term rental agreement.

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  • DioramaOfShit@lemmy.world ⁨4⁩ ⁨months⁩ ago

    As intended

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    • kautau@lemmy.world ⁨4⁩ ⁨months⁩ ago

      Can’t pass it on to your kids when the bank forcloses on it

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  • iAmTheTot@sh.itjust.works ⁨4⁩ ⁨months⁩ ago

    Late stage capitalism demands that you will own nothing.

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    • UltraGiGaGigantic@lemmy.ml ⁨4⁩ ⁨months⁩ ago

      For now… until they want you to have less. For fun this time.

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