Why do people brag about owning a mortgage when almost anyone can do it?

Ummm, millennials whine and cry that they cannot afford mortgages. They'd rather spend their money on partying and fast cars.

Did you pay cash for your place, bro?

The bar is set LOW wrote:

Why do people brag about owning a mortgage when almost anyone can do it?

The person who takes out the loan does not own the mortgage. The owner of the mortgage is the individual/entity to whom payments are owed.

If the bank makes a loan to you, and then I buy the mortgage from the bank, I am the mortgage owner, and I receive the payments that you are making.

The bar is set LOW wrote:

Every week I see someone brag on Facebook about being another sheep pulled into the slaughter.

Getting a huge loan for a property is not an achievement - it's the height of mediocrity. It's like walking a marathon, anyone can do it.

I guarantee you can't get as big of a loan as I got.

The bar is set LOW wrote:

Every week I see someone brag on Facebook about being another sheep pulled into the slaughter.

Getting a huge loan for a property is not an achievement - it's the height of mediocrity. It's like walking a marathon, anyone can do it.

Are you unaware that a very significant percentage of heads of households in the USA are living (pay)check-to-(pay)check?

jklhhkhgfdh wrote:

The bar is set LOW wrote:

Every week I see someone brag on Facebook about being another sheep pulled into the slaughter.

Getting a huge loan for a property is not an achievement - it's the height of mediocrity. It's like walking a marathon, anyone can do it.

Are you unaware that a very significant percentage of heads of households in the USA are living (pay)check-to-(pay)check?

EDIT: Are you unaware that a very significant percentage of heads of households in the USA are living (pay)check-to-(pay)check while renting?

same reason why people in banking and the financial industry brag about their jobs. Anyone could do it but not everyone wants to sell their soul

I’m old as the hills and have never encountered anyone bragging about getting a mortgage.

A mortgage may not be wise, but it does take discipline, self control, and a relatively stable life trajectory in order to repay.

Other people’s happiness really seems to piss you off. I feel sorry for you.

For many folks saving up for a down payment and buying a home is part of the American dream. Now if we are talking about a 5% down ARM on mortgage at the upper end of someone’s budget then ya that is dumb and not something to be particularly “proud” of.

millennial bar wrote:

Ummm, millennials whine and cry that they cannot afford mortgages. They'd rather spend their money on partying and fast cars.

I thought they only have money for Avocado toasts? I am confused

50% of people pay no federal income tax. At least 50% of people can't get a mortgage. Having a mortgage is more impressive than not being able to get a mortgage. Having a very large mortgage is generally more impressive than having a small mortgage. I have no mortgage because I chose to pay it off but I am in a small minority.

I don't get this. You went digging for a thread about people bragging about having a mortgage just to say you've never experienced it?

financial $ wrote:

50% of people pay no federal income tax. At least 50% of people can't get a mortgage. Having a mortgage is more impressive than not being able to get a mortgage. Having a very large mortgage is generally more impressive than having a small mortgage. I have no mortgage because I chose to pay it off but I am in a small minority.

I have a large mortgage on my primary residence, but despite my income and credit the underwriting process is an absolute pain these days, so much so that I've avoided refinancing. I don't use financing on investment properties either due to the hassle (although I probably would if I did a multiplex).

One of my tenants is a woman in her 50s with a steady income at a white collar job, excellent credit, but almost no savings (and only putting about $200/month into her 401k). Seeing that on her rental application was kind of alarming, to realize that there are probably many working Americans without much saved up for retirement and who may never be homeowners. People like her will probably need to rely significantly on Social Security through retirement, but if I think about people from my generation who are 30+ years from traditional retirement age I'm worried about the viability/solvency of the current system. I think the homeowner aspect is less important, as renting is just easier and can make economic sense for many people, but I think we need to encourage private saving, such as tax incentives encouraging private companies to contribute up to 10% 401k match, which could make a significant difference in individuals' retirement savings.

Mortgage loans are a form of oppression, often racial oppression. Mortgage loans exacerbate racial inequity. Mortgage loans are predatory - they unfairly target those who can't afford to purchase a house in cash.

The government should forgive all mortgage loans and end this oppression.

A mortgage is probably the most "doubling down" a normie will do. It's an exciting time, locking themselves in to the community where they will continue the normie lifestyle.

You don't own a mortgage. Its the other way around.

Don't call it YOUR house until you've paid it off. I see all these people calling it theirs when running a mortgage on it. The bank owns the house until all paid off!

To answer OP question, everyone wants to feel important and a sense of accomplishment in life, it is human nature. As a result, most average people would consider getting a house mortgage approval an accomplishment. They never really do anything noteworthy to others but to them personally it is noteworthy in their life. Everyone wants validation and to feel good and special sometimes. Human nature. Most people are average/sheep/whatever. No big deal. Just focus on yourself like everyone else does. Those with talents will get their notoriety and achievements.

The bar is set LOW wrote:

Every week I see someone brag on Facebook about being another sheep pulled into the slaughter.

Getting a huge loan for a property is not an achievement - it's the height of mediocrity. It's like walking a marathon, anyone can do it.

You have weird friends. I don't know anyone who brags about getting a mortgage (you don't "own" a mortgage when you borrow).