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Started By
Message
re: This mortgage receipt is floating around on social media
Posted on 1/14/24 at 8:36 am to tiggerthetooth
Posted on 1/14/24 at 8:36 am to tiggerthetooth
quote:
You will own nothing and be happy.
Dude this is nothing new and not some conspiracy from whatever entity that's being pushed as the new "it" evil group
1
Posted on 1/14/24 at 8:37 am to stout
This is basically just paying rent
Posted on 1/14/24 at 8:38 am to GatorPA84
This seems dumb. If they capped them at 30 years then the prices wouldn’t rise so high.
Posted on 1/14/24 at 8:38 am to SlapahoeTribe
quote:
The housing market in that part of the world is absolutely ridiculous.
Naw dude this economic issue that's been around since industrialization is part of a scheme by a group formed in the 70s
quote:
There’s a district in coastal Norway where everyone auctions off their homes. Instead of a normal market where you list, and the buyers look over, make offers, etc., they list the house one week before a public auction, and you have to close the day of the auction. Most people bring their bankers with them to the auction
Yeah good housing in Europe is insane due to the supply issues created by infrastructures created literally hundreds of years ago. It seems Canada has taken more of a European than an American approach.
Posted on 1/14/24 at 8:40 am to stout
Clearly you don't k ow how mortgages work. The first year is almost all interest and gets less and less and you pay it down. That is why it is stupid to keep refinancing within 2-3 years like people like to do. You are giving yourself a perpetual mortgage that way and not paying off shite.
Posted on 1/14/24 at 8:43 am to tiggerthetooth
Posted on 1/14/24 at 8:46 am to stout
As absurd as this looks, the people could be making bank. Im guessing if you can get such crazy loan terms, very little if at all downpayment was required. For a $1.25m property, they probably could make $5k+ per week renting it. A higher end Airbnb in a high demand area easily can pull something like that. It could be a business and that is a killer location. Gotta see more details
This post was edited on 1/14/24 at 8:56 am
Posted on 1/14/24 at 8:49 am to GatorPA84
maybe 1% of americans have enough cash on hand to buy a home in this inflated market.
Posted on 1/14/24 at 8:54 am to 33inNC
quote:
Clearly you don't k ow how mortgages work.
I think he works in real estate and foreclosures so he probably knows a little.
Posted on 1/14/24 at 8:56 am to stout
So, basically rent unless home values increase.
Posted on 1/14/24 at 8:57 am to Mike da Tigah
quote:
So, basically rent unless home values increase.
This is exactly why so many urbanites in Canada, The US, and Europe, rent.
Posted on 1/14/24 at 9:00 am to 33inNC
quote:
Clearly you don't k ow how mortgages work. The first year is almost all interest and gets less and less and you pay it down. That is why it is stupid to keep refinancing within 2-3 years like people like to do. You are giving yourself a perpetual mortgage that way and not paying off shite.
Thanks for explaining an amortization schedule to me. I've only been in RE for my entire professional life and own a few notes on property I owner financed to people but I never fully understood how mortgages worked until you came along.
The note in my OP is an ARM so it doesn't work exactly the way you laid it out
This post was edited on 1/14/24 at 9:01 am
Posted on 1/14/24 at 9:11 am to stout
Receipt makes sense. You pay more interest up front and more principal toward the back end. That long of a term would yield basically no principal paid early on
What idiot gets a 63 year mortgage? To me a 30 year is bad enough. 63 is in being in debt your entire adult life
What idiot gets a 63 year mortgage? To me a 30 year is bad enough. 63 is in being in debt your entire adult life
Posted on 1/14/24 at 9:16 am to deltaland
I have no idea how taxes work in yurop.
It could make sense if there’s deductions like there is here for mortgage interest for primary residence
It could make sense if there’s deductions like there is here for mortgage interest for primary residence
Posted on 1/14/24 at 9:23 am to stout
Klaus Schwab slum lord of a continent and expanding our way.
Posted on 1/14/24 at 9:24 am to stout
OT Baller Status:
[QUALIFIED] unqualified
[QUALIFIED] unqualified
Posted on 1/14/24 at 9:24 am to GeauxTigers123
quote:
This seems dumb. If they capped them at 30 years then the prices wouldn’t rise so high.
You don’t really understand how market economies work….
Posted on 1/14/24 at 9:28 am to deltaland
quote:
What idiot gets a 63 year mortgage
Keeps the payment low so they're effectively renting.
When they sell, I assume they'll be totally satisfied walking away with enough cash to wipe out the loan principal. Anything over would be a bonus.
Eta- also, if Canada tax laws are anything like ours, the interest is a huge write off.
This post was edited on 1/14/24 at 9:32 am
Posted on 1/14/24 at 9:35 am to stout
quote:Found the problem
variable-rate home loan after a mortgage extension to 63 years.
Posted on 1/14/24 at 9:39 am to tigerbutt
quote:
Glad my shits paid for.
Until you get a $30k tax bill.
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