The Lonious Monk
Celestial Souljah
I kinda think mortgages are the biggest scam out there.
First of all, if you not paying 20% upfront, you got pay M&I every month. That's BS. It's something that was put in place after the subprime lending crisis. However, that crisis was caused by shady lenders, yet somehow banks were given the green light to punish borrowers.
That aside, I look at the breakdown of my monthly payment and almost as much goes to interest as the actual debt payment. I got a 2.25% interest rate on my house wish is outstanding compared to what people are getting nowadays and I'm still going to wind up paying the bank as much for the loan as I'm actually paying for the house. That's crazy when you think about it.
First of all, if you not paying 20% upfront, you got pay M&I every month. That's BS. It's something that was put in place after the subprime lending crisis. However, that crisis was caused by shady lenders, yet somehow banks were given the green light to punish borrowers.
That aside, I look at the breakdown of my monthly payment and almost as much goes to interest as the actual debt payment. I got a 2.25% interest rate on my house wish is outstanding compared to what people are getting nowadays and I'm still going to wind up paying the bank as much for the loan as I'm actually paying for the house. That's crazy when you think about it.
