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Reply to "Why do people buy houses on the basis of 2 salaries instead of 1?"
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[quote=Anonymous][quote=Anonymous]Why do people finance houses is the bigger question. A person spends 2 TIMES the amount of the house just on interest on a 30 year mortgage. HUGE SCAM. Predatory banks. [/quote] Because they can. And my mortgage is 2.65% which actually makes a lot of sense to finance the home, more so than not financing it. And banks allow it because they overall profit even though some of their borrowers default and lead to foreclosure. Plus the government backs loans and is willing to bail out banks when they over leverage.[/quote]
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