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FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
Been looking for a home to buy for a long time now. Other than not being able to find a descent
home I can afford. I find out that there are four hiccup when I go for a mortgage.
I stand corrected on the interest. I was harkening back to when interest rates were above 8%
As far as deducting interest, that gets whittled down through the taxation process. Why should the government need to tax us enough to give us relief for the interest that bankers put on us?
I find it amazing that most people do not realize how much interest they pay on a mortgage.
On a $200,000, 30 year mortgage, the banker, for doing approximately 2 weeks of pre-mortgage paper work, and sending out 30 years of monthly statements, will collect approximately $400,000 in interest on that loan. No money was created to pay the interest on that mortgage, so the system relies on others to borrow and spend, otherwise the money wouldn't exist for you to capture through commerce, enabling you to meet your payment obligations. if you don't meet those payments, the banker forecloses on the property, and then sells it all over again. Ironically, the money that the banker loans is created by fractional banking and is actually created on the borrower's promise to pay. What a ponzi scheme. Amazingly, it's been going on for many decades, yet very few realize they are being usurped by the system.