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  1. #21
    Quote Originally Posted by Rennadrel View Post
    Because we have no choice, immigration is inflating our housing prices beyond belief. Immigrants come here with little to no money and their communities pay for one another's properties, or they put 3 generations of family under one roof and pay the same property taxes as a family of four. It should be illegal, and the system is getting abused because our governments allow it.
    It should be illegal for 3 generations to live under one roof? Why?

    I also don't see immigrants flooding our housing market. Most poor immigrants I know of rent or live in government assisted housing. They're not out here buying houses. And it's not like our "rich" neighborhoods are flooded with well off immigrants. The majority in my area are white upper middle class with a few asian-ethnicity outliers.

  2. #22
    Quote Originally Posted by Tennisace View Post
    Nobody forced them to take out a mortgage.
    The people issuing the mortgage are supposed to make sure you can pay for it before giving you one. Because of how mortgages were being packaged by the financial industry they didn't care whether you could actually pay for it. All that mattered was volume. While there is some fault on the buyer's side, these loans should never have been allowed to given out in the first place if the mortgage company actually cared if they got paid back.

  3. #23
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    Quote Originally Posted by callipygoustp View Post
    Do Canadians tend to borrow as much as the average citizen of the USA does? Has Canada had a housing loan crisis? Honestly, I just assumed the level of personal debt in the USA was an anomaly.
    Next time please don't make rude, unfounded accusations. Thanks.

  4. #24
    Herald of the Titans Aoyi's Avatar
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    There are some shady mortgage lenders out there. They make the rest of the industry look bad. The company I work for sits down with people and goes over their expenses. We tell them their max if they ask, but we usually set the limit we recommend lower than that number unless they insist on trying to buy an even more expensive home. If they do that, we take a look at their current expenses and make recommendations of what they should try and pay off first before taking the mortgage. We have turned away many people that try and go beyond their means. Our company cares about the clients we recommend to the banks we work with. If we feel there's a chance of them defaulting, we say no. End of story.

  5. #25
    Quote Originally Posted by Tennisace View Post
    Rent is way less. A 2 bedroom is like $1000-1500 a month lets say. A far cry from what a mortgage is gonna cost. Plus the renting fee usually includes electricity, taxes and other utilities.
    That is flat out untrue in many places. Maybe where YOU live. It's also irrelevant, since we're talking about a flat cost. If you think you can afford $1500 a month in rent or a mortgage, it affects the size of your place, not how much you're paying. Out where I am, I have plenty of friends who bought a local townhouse for $250k when they went up, and they're renting them for the roughly the cost of their monthly mortgage rate (usually a touch more). But to buy (non-first time in the US), you need 20% down, a good employment record, and solid credit. And that isn't nearly as easy to come by these days.

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    Quote Originally Posted by Tennisace View Post
    Next time please don't make rude, unfounded accusations. Thanks.
    How is ANY of what they said rude? It's like you're trying to pick a fight...

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    Quote Originally Posted by callipygoustp View Post
    Do Canadians tend to borrow as much as the average citizen of the USA does? Has Canada had a housing loan crisis? Honestly, I just assumed the level of personal debt in the USA was an anomaly.
    I live in the US, but I've worked for a Canadian company for over a decade. From what I've seen, they're very similar barring health care.

  6. #26
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    Quote Originally Posted by DSRilk View Post
    It should be illegal for 3 generations to live under one roof? Why?

    I also don't see immigrants flooding our housing market. Most poor immigrants I know of rent or live in government assisted housing. They're not out here buying houses. And it's not like our "rich" neighborhoods are flooded with well off immigrants. The majority in my area are white upper middle class with a few asian-ethnicity outliers.
    No, they should pay considerably higher property taxes than smaller families. At least around where I live, there are many suburban neighborhoods dominated by immigrants now, and most of them do exactly what I said and pay the same property taxes as smaller families for the same sized homes. That in itself is unfair.

  7. #27
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    Quote Originally Posted by Tennisace View Post
    Nobody forced them to take out a mortgage.
    So basically you want only rich people to own thier houses?

  8. #28
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    Quote Originally Posted by DSRilk View Post
    That is flat out untrue in many places. Maybe where YOU live. It's also irrelevant, since we're talking about a flat cost. If you think you can afford $1500 a month in rent or a mortgage, it affects the size of your place, not how much you're paying. Out where I am, I have plenty of friends who bought a local townhouse for $250k when they went up, and they're renting them for the roughly the cost of their monthly mortgage rate (usually a touch more). But to buy (non-first time in the US), you need 20% down, a good employment record, and solid credit. And that isn't nearly as easy to come by these days.
    It is mostly true. Not everyone lives in Vancouver or San Francisco.
    Let's say you're in a more pricey city.

    You can rent a 2 bedroom apartment for $1700 or take out a mortgage on a townhouse which costs 700K. Which is more wise if you are living on the edge? Renting obviously.

    Nothing wrong with renting if you can't afford to buy.

  9. #29
    Elemental Lord callipygoustp's Avatar
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    Quote Originally Posted by Tennisace View Post
    Next time please don't make rude, unfounded accusations. Thanks.
    Coming from you Tenni, that's funny stuff

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    Quote Originally Posted by DSRilk View Post
    I live in the US, but I've worked for a Canadian company for over a decade. From what I've seen, they're very similar barring health care.
    Ah, ok. I really thought the folks up north were better about credit.

  10. #30
    Quote Originally Posted by Tennisace View Post
    If you think about it logically, you should only be taking out a loan if you can make the payments. If you are cutting it so close that if rates rise, you can't make payments, then don't take out a mortgage.

    Whatever happened to restraint and living within your means?

    If you can't afford to purchase a home then rent or move elsewhere.
    You can't predict when you will not have a job due to no one wanting to pay you anymore unless they inform you before they do it that gives you enough time to sell your home.

  11. #31
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    Quote Originally Posted by ctd123 View Post
    So basically you want only rich people to own thier houses?
    Not everyone can own a house in a prime spot. Supply and demand.

  12. #32
    Quote Originally Posted by Tennisace View Post
    Nobody forced them to take out a mortgage.
    So everyone should be a banker if they want to own a home?

  13. #33
    Quote Originally Posted by Rennadrel View Post
    No, they should pay considerably higher property taxes than smaller families. At least around where I live, there are many suburban neighborhoods dominated by immigrants now, and most of them do exactly what I said and pay the same property taxes as smaller families for the same sized homes. That in itself is unfair.
    So it's fair that white couple across the street has 5 kids vs my 1 and we both pay the same tax on the same size house and property while they are using 4x as much resources???

    Btw a 2 to 3 family house apt doers not pay anywhere near 2x 3x the tax...we should triple their taxes too???

  14. #34
    Quote Originally Posted by Nixx View Post
    To about the same extent that needing a mortgage means you can't afford your home...
    A home usually doesn't depreciate like a car does the second you drive it off the lot.

  15. #35
    Quote Originally Posted by Zan15 View Post
    So it's fair that white couple across the street has 5 kids vs my 1 and we both pay the same tax on the same size house and property while they are using 4x as much resources???

    Btw a 2 to 3 family house apt doers not pay anywhere near 2x 3x the tax...we should triple their taxes too???
    They get a tax break because they are raising more future tax payers then you are =P

  16. #36
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    Quote Originally Posted by Tennisace View Post
    Not everyone can own a house in a prime spot. Supply and demand.
    Exactly supply and demand. People want thier own houses, so they get mortgages.

    Do you own your own home or do you rent?

  17. #37
    Elemental Lord callipygoustp's Avatar
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    Am I reading a couple of the above posts correct: people think property tax should be based on the size of the family living on the property rather than the property itself? If so, that's some crazy fucking logic there.

  18. #38
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    It's really hard to predict how the next 20-30 years will pan out, so you have to trust someone to give you advice, if that person gives you bad advice your pretty much out of luck. Most factors affecting your mortgage 10 years from now are out of your control.

  19. #39
    Predatory Lending

    https://www.debt.org/credit/predatory-lending/


    Compound interest is a deceitful thing. Even when a lender tells you the percent of interest you are signing up for, the actual interest (effective interest rate) is almost always a higher amount. For loans that are hundreds of thousands of dollars over decades, one percent makes a huge difference.

    Some people are stupid, some are lacking understanding, and some out just deceived. When people borrow large amounts of money, they are in a position of need, and depending on how needy they are, some lenders interpret that as desperation and prey on such borrowers.

    The concept you speak of does not only apply to mortgages, it also often applies to car loans, credit cards and school loans.

    The American Dream is to have a nice house. But how do you get money to pay off a nice house? Well you need a job. Well how do you get to work? Well you need a car. Well how do you land a job? Well you need an education. Well how do I get into a good school? Well you need a loan. Do you believe all these things are coincidental? We live in a material world of wants and needs. We are constantly being bombarded with ads telling us to get things we don't want, and to consume excess amount of things we do need.

    People who are massively in debt are just the new age indentured servants.

  20. #40
    Over 9000! Kithelle's Avatar
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    Quote Originally Posted by Butthurt Beluga View Post
    Why do people use credit cards and not pay the entire thing off at the end of the month?
    Why do people take out a loan/finance a car when they don't have the money to just buy a vehicle? (Hint: having to finance a car means you can't afford it.)
    Why do people do a lot of shit that's really inefficient and illogical? Because the vast majority of people are really stupid.
    Because you don't have the money to pay off the whole bill so you're willing to take the extra interest to pay it off slowly?
    Because maybe you need a vehicle now and not in how many years it will take you to save up those thousands?

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    Quote Originally Posted by Butthurt Beluga View Post
    A home and a car aren't really related in use or cost though. Depending on where you live, some people might not even need a car. But everyone needs a home.
    As well as a home costing many times that of a vehicle...
    What if you can't afford a house...by your logic I've already seen in this thread...you must think it's stupid to live in a apartment...because it's something you pay for over time...except in this case it's less efficient that a car loan or mortgage because you wont even own the place.

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