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I always wondered what a mortgage was. Can you explain tea-bagging in such clarity as well so I can add it to my to do list?

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WHAT he doesnt tell you... is that when he gave you the loan....
it wasnt his money..
when you sign the promissory note, the feds turn it into money.... which they give him.. and he gives you...
then he asks you to give it back over time....
but he never lent you any of his own money..... the feds did.

and the feds made it out of thin air.. wahlla..... like magic.

http://www.wealth4freedom.com/


-MT

If American real estate laws , are similar to Australias , a bit of advice . When your mortgate is paid off make sure you get your lawyer to get the deeds from the Bank , as my lawyer advised me , to get that property title fully a legally in your name . Also going by my 25 year morgate the first seven years is simply interest payment the following years are paying off the principal . And my last bit of advice get your interest rates with the bank fixed and not floated .

You can also make early payments against the principle to reduce the interest.

You can also make early payments against the principle to reduce the interest.
That depends , on my mortgate the first 2 years was fixed at 7% , and as long as its fixed you can only pay an extra AUST$ 1,000 per annum , if you choose not to have a fixed rate you can pay as much as you like .

7%... you lucky bastards. last time we saw a rate that low was 2 years ago, the government has been upping interest rates to curb inflation because they like sucking up to the americans.

Do you want to know why the average price of houses and condos in large cities around the world are becoming more and more expensive every year? Some people think it is just inflation and a larger population that is competing for a limited number of homes. The real reason why real estate is so expensive is because most working class and middle class individuals are buying homes that they cannot afford to buy. Where are they getting the money? The banks. The banks are making most of the profits in the real estate business. Do you have any idea how much cheaper real estate would be if the majority of homeowners paid anywhere from 50% - 100% of the price for their homes. Banks love 0 down mortgages because it puts more money in their pockets. They want you to be paying interest on the money that you owe them for twenty or thirty years. They don't care if you can't afford to make your payments. Foreclosures are irrelevant to them because they can still sell your house for a profit.

Unfortunately, the high real estate prices are not going to go down if a few people suddenly decided to make larger down payments on their homes. Approximately 50% - 75% of all homebuyers in your city would have to make larger down payments for you to notice a change in the prices. It would mean that a larger percentage of the people in your city were choosing to save their money and rent instead of buy. Waiting to buy a house is not always the right financial decision especially if it is costing you much more to rent a house or apartment than to pay a mortgage.

Personally, I would never get into a mortgage that I would not be able to finish paying within 5 - 10 years, unless I was purchasing the home as an investment. For example, renting out the property with the intent of trying to sell it for a profit in the near future.