484
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 09 Dec 2023
484 points (96.4% liked)
News
23440 readers
483 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
If you have a mortgage, you own what you paid (except interests).
If you bankrupt and are unsolved on a mortgage, and they take the house, the house is sold in an auction, the bank gets what's remaining in the mortgage, but the rest is yours.
The point being that your place of residence, the place where you possibly stake your roots and raise your family, is not fully yours and can just as easily be taken away if you suffer any type of financial misfortune or fail to keep up financially with the market around your community.
The relationship to your lender is very similar to a renter's relationship to their landlord.
Equity is a benefit, surely, but indebting yourself for 30 years in a location you may have compromised for is the other side of it. And your relationship to a higher authority who truly owns your property remains (until the debt is paid, of course).
Inherently, it all comes back to private property and one's relationship with its owners.
Is it though? Landlords typically have hot opinions on what you do with the property. Banks don't care so long as you don't literally destroy it. When I rented I felt stifled in things like modifying my place, adopting a dog, painting walls, etc. Owning my place feels a lot better even if it costs a lot more.
I get what you say kind of from a financial sense but even then it's radically different. You can pay extra every month to get a mortgage finished early. Each year you get more and more equity and are in a better financial spot. When a lease renews your landlord has the option to say "I want more money, so you have to pay extra now" or just straight up refuse to let you live there anymore, and at the end you have nothing. And a foreclosure is a much lengthier process with more outs for a homeowner than an eviction is for a renter.
Is there even such a thing?
Wild. Here in the Netherlands any mortgage you can be approved for on a middle class salary will be 3/4 to 2/3 of the average area rent.
Just by virtue of the fact that banks have stricter rules for income to mortgage payment ratios.