Sad but true. Your take on it?
2006-09-12 21:58:58 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Man, you make it sound so harsh....the nice banks are just trying to help people when they allow a mortgage.
Bullsh**
Yes, people realise this but are powerless due to complete control of the "loanshark" banks. I mean, you need to live somwhere and if everybody else is getting a loan to "rent" a house how would YOU ever buy one out-of-pocket? Nearly impossible.
less than 2% of Americans OWN a home. This is a serious problem.
If they can kick you off your own land in times of fiscal hardship, than I argue that you never really owned the land at all. Its a liberty that the banks so graciously allow to to pay for.
And people, by virtual money he means that the banks are never actually using any money at all as colateral for your loan.
2006-09-12 22:05:34 · answer #1 · answered by big-brother 3 · 1⤊ 0⤋
Well the reality is that when you buy a home you are not really buying it at all. For most people they are merely renting the home from the bank. Sure they 'own' it, but since the bank has a lien on the property, they don't really own it at all. However if the home does appreciate then that equity can be used by the home owner which is one advantage over renting. Also if you are a home owner lenders will treat you better on other loans. As a home owner you can lock in interest rates and therefore live somewhere with no 'rent increase' for the life of the loan.
So sure, it sucks to borrow so much and pay back so much. But for most people it is the only way to own a home that is worth so much money relative to their income.
2006-09-13 08:31:56 · answer #2 · answered by ZCT 7 · 0⤊ 0⤋
Nothing virtual about my mortgage. The bank gave me real money, and I am paying them real money. Which suits both of us just fine: they were willing to advance the money, and I was willing to pay them for the use of it. What's not to like?
2006-09-13 05:05:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes, right there along with virtual answeres by virtual people in a virtual world to the virtual question you ask. I guess its virtualy impossible to accept virtual reality.
2006-09-13 05:04:33 · answer #4 · answered by I trust Me 2 · 0⤊ 0⤋
If that is true, why can't I use "virtual" work to make this "virtual money"?
2006-09-13 05:02:03 · answer #5 · answered by quagi m 3 · 0⤊ 0⤋
NOT TRUE.......MY LOAN IS FOR 30 YEARS AND I HAVE 27 YEARS LEFT ON IT......IT IS A LONG TIME, WITH LOTS OF INTEREST. BUT I HAVE TO LIVE SOMEWHERE SO I WOULD RATHER WASTE MONEY ON MY OWN HOME RATHER THAN BY PAYING OF SOMEBODY ELSES(RENTING)...
2006-09-13 05:02:13 · answer #6 · answered by xsplodeit 4 · 0⤊ 0⤋
Equity.
2006-09-13 05:06:34 · answer #7 · answered by kitty fresh & hissin' crew 6 · 0⤊ 0⤋
yea and then they come home to brick and mortar and rest their heads real comfortable like
how abotu you>?
2006-09-13 06:37:25 · answer #8 · answered by sahajrob 4 · 0⤊ 0⤋
SILLY .........balderdash
2006-09-13 05:14:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋