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Forum » mortgages are the biggest scam (compounded interest)
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Thread: mortgages are the biggest scam (compounded interest)

post 1459365413 08-26-2016, 03:29 AM
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#151
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What did you expect
post 1459365873 08-26-2016, 03:39 AM
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#152
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Originally Posted By Dan_S⏩
He's actually not making that up. It's not completely out of thin air, but banks "create" money by making loans. The money doesn't exist until the loan is created.

Fractional-reserve banking

Because bank deposits are usually considered money in their own right, and because banks hold reserves that are less than their deposit liabilities, fractional-reserve banking permits the money supply to grow beyond the amount of the underlying reserves of base money originally created by the central bank.
And without the ability of banks to do this, we would literally have 1/10th the investment, and 1/10th the access to loan funds, and 10x the cost of borrowing....
So dont wave the wikipedia quotes around like its some sort of conspiracy that you stumbled upon
Everybody who has any education in anything related to money/business already knows all about it, and about how it basically makes the world work
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post 1459366163 08-26-2016, 03:46 AM
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#153
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Originally Posted By pushlimits⏩
also when a bank buys the house for you, do they wire the house cost to the sellers bank? i am assuming they give the sellers bank an 'IOU' or they raise the money through the BoE/IMF or whatever. so the banks are earning the interest on you but it's not even their money they're earning interest on.
It's called Fractional Reserve Banking. AKA Fukk you in the ass
I just came here on the internet to lie
post 1459366273 08-26-2016, 03:49 AM
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#154
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Originally Posted By Benjinkan⏩
Morgage is taken from an old French word which means "Death contract"
I just came here on the internet to lie
post 1459383303 08-26-2016, 07:26 AM
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#155
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Can anyone explain to me the logic behind realtor fees being a percentage of buy/sell price when they do the same amount of work (relatively) to sell a house regardless of it's price?
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post 1459387153 08-26-2016, 07:52 AM
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#156
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Same reason why we pay 15% tip whether the meal was steak or hamburger... "because that's the way we always have"...
post 1459392213 08-26-2016, 08:28 AM
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#157
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Originally Posted By Retoaded⏩
mortgages are at an all time low. long term they are generally only going up from here. why would you not lock in today's rates? what do you mean expensive to "get out of the mortgage"?
if we were to move within the next couple of years to a bigger place and go with a different lender, we'd have to pay an exit fee with the current lender is what i meant mate.

but for the sake of locking in a 5 year deal at the current low rates and staying here for another 5 years, i'd rather do that and drive the mortgage down before upgrading.
post 1459392783 08-26-2016, 08:32 AM
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#158
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Originally Posted By je61⏩
LOL at the retards in here
"what, you think they should loan it for free?"

No you dumb bastards, he's saying it's a joke that with a 3% interest rate, you are paying more than 10 times that interest at the start. You'd think 3% of your 250k mortgage would mean you would end up paying 75k in interest, not another 150k..
this guy. i bet if you polled most people on how much they would pay back on a 3% mortgage, this is what they'd say.

but of course, the misc is full of financial wizards. it was stated on the first page; they're a necessary evil for 99% of people. it's just a chitty system IMO.
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