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

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.

A few things:

1. I have never seen anyone brag about having a mortgage.

2. Having no assets is probably more like being pulled into the slaughter.

3, Not everyone can get a mortgage, it is a pretty involved process and has definite requirements.

This is not to say that having a mortgage is the end all be all, but I have more respect for a person with a mortgage than one without.

You are correct. Poor people are just here to complain about their rich friends.

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.

>facebook

>2020

The only people who still post on facebook in 2020 are trashy.

You're seeing trashy people brag about it. Trashy people brag about things, especially things that they think rich/high class people do.

Lol didn't realize this was from 3 years ago - it still stands. Anyone still poasting on fb in 2017 is trashy.

My above post being said. The whole idea of home ownership in America (I can't speak for other countries) is a weird thing.

Home ownership is almost sold as a lifestyle or an experience. You get to buy YOUR OWN HOME in a NEIGHBORHOOD after NEGOTIATING WITH REALTOR in a COOL CITY and CUSTOMIZE IT however you want. You also get to RAISE A FAMILY and WORK A JOB. talk with your NEIGHBORS and hang out IN YOUR BACKYARD. Work on PROJECTS in the GARAGE. Cook a meal in the KITCHEN. Bang your wife in the BEDROOM. Watch things on the TELEVISION.

Disneyland and video games are sold in very similar ways.

That's all American is, and all it has been for a while - Disneyland and Videogames...

For those of you too obtuse to really understand what i'm saying - I'm not saying it's bad thing to own a home. I'm just criticizing how home ownership is portrayed in the media. Given how it is portrayed it should be no surprise that a certain subset of people (still post on facebook, ie a very specific type of low class person) think that it is a very important/significant thing.

What did people ever do before homes were mass produced? I doubt anyone here is old enough to chime in.

I understand when people brag when they can purchase nice property without applying for a mortgage plan. Almost everyone can get a mortgage and repay it in 10-20 years. What’s the point of being proud that every single month you need to give your money to the bank? Moreover, you can get into big trouble if you postpone your payment or lose your job. My brother recently purchased a house in Cardiff, UK. He moved there approximately 10 years ago, and only now he managed to save enough money for the deposit. He also got a low interest rate for his mortgage. But he couldn’t manage to do it without assistance that he received from https://www.Cardiffmoneyman.com

Who does the money go to if not a bank?

Not everyone can secure a mortgage loan. Do you know how many people in this country have bad credit, too low of income, or unstable income, or no down payment? Get outside of your bubble where everyone earns 100k in their job and has a perfect credit score.

For some people it is a huge dream and accomplishment to be able to borrow money for a mortgage and own a home.

IL born and raised wrote:

Not everyone can secure a mortgage loan. Do you know how many people in this country have bad credit, too low of income, or unstable income, or no down payment? Get outside of your bubble where everyone earns 100k in their job and has a perfect credit score.

For some people it is a huge dream and accomplishment to be able to borrow money for a mortgage and own a home.

Yes it is an individual thing, a personal accomplishment but nothing noteworthy to greater society. I wouldn't want the weight on my back of knowing I'd be in trouble if I lost my job in the next 20 years with a mortgage going.

What gets me is people who get a mortgage and act as if they're better than everyone or better than those without a house because like we have established here, it is really nothing to boast about other than from a personal standpoint.

Society will try to stigmatize those not falling into the mortgage/marriage/9-5 trap. They want to drag others into their misery. I do not own a house but I have the money to buy a few OUTRIGHT. I am hassled by these mortgage sheep asking when I'll get a wife and house all the time. I will congratulate anyone who buys a house outright especially anyone who waits a long time and is stigmatized by mortgage sheep for not going with the flow and getting a mortgage and spouse at a relatively young age. It is the hamster wheel trap of misery which the government wants people doing to maintain the flow of the economy, society and most importantly (for them) the control possessed by the government.

You most likely would be better off to buy a house today rather than renting. The house will probably appreciate at a rate less than what you would have made by investing the money but you have to factor in the cost of renting for the same period of time.

TrackCoach 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.

A few things:

1. I have never seen anyone brag about having a mortgage.

2. Having no assets is probably more like being pulled into the slaughter.

3, Not everyone can get a mortgage, it is a pretty involved process and has definite requirements.

This is not to say that having a mortgage is the end all be all, but I have more respect for a person with a mortgage than one without.

My neighbor lost his job, had a $750K loan on a house worth $700K, subsequently defaulted and had to move out. I don't remember him bragging about his loan at all.

Bad decision on his part to buy a house that depreciated.

OliverFox wrote:

Bad decision on his part to buy a house that depreciated.

He bought it probably around $500K, borrowed against the equity when the value skyrocketed during the sub-prime bubble and then got burned when the housing market collapsed. Many, many people made the same decisions.

SDSU Aztec wrote:

OliverFox wrote:

Bad decision on his part to buy a house that depreciated.

He bought it probably around $500K, borrowed against the equity when the value skyrocketed during the sub-prime bubble and then got burned when the housing market collapsed. Many, many people made the same decisions.

That's just about the dumbest thing one can do. That's just being moronic.

Loans are so much more difficult to get today than 10+ years ago.

I've bought two houses in the last 6 years. The amount of documents you need to show and jumps you have to jump through now makes me never want to do it again! Total pain.

As far as if it's a good idea to buy a house, it totally depends on the person and circumstances. There's good arguments for both sides depending on the scenario.

pepa pigg wrote:

SDSU Aztec wrote:

He bought it probably around $500K, borrowed against the equity when the value skyrocketed during the sub-prime bubble and then got burned when the housing market collapsed. Many, many people made the same decisions.

That's just about the dumbest thing one can do. That's just being moronic.

Loans are so much more difficult to get today than 10+ years ago.

I've bought two houses in the last 6 years. The amount of documents you need to show and jumps you have to jump through now makes me never want to do it again! Total pain.

As far as if it's a good idea to buy a house, it totally depends on the person and circumstances. There's good arguments for both sides depending on the scenario.

It's only a dumb decision if properties depreciate. People can borrow against the equity in their home to purchase rental properties and gradually build a portfolio that could make them a fortune. Unless there is a bubble and they don't sell in time, it's a pretty safe way to increase wealth.

Some do. Some don't.

People do sh!t.

Next

Duh. It is history so yes, it was a dumb decision because it depreciated. I buy properties that appreciate. That is like saying it i only a dumb decision to but individual stocks if they depreciate. Or it is only a bad decision to buy an expensive piece of art if it depreciates.

SDSU Aztec wrote:

pepa pigg wrote:

That's just about the dumbest thing one can do. That's just being moronic.

Loans are so much more difficult to get today than 10+ years ago.

I've bought two houses in the last 6 years. The amount of documents you need to show and jumps you have to jump through now makes me never want to do it again! Total pain.

As far as if it's a good idea to buy a house, it totally depends on the person and circumstances. There's good arguments for both sides depending on the scenario.

It's only a dumb decision if properties depreciate. People can borrow against the equity in their home to purchase rental properties and gradually build a portfolio that could make them a fortune. Unless there is a bubble and they don't sell in time, it's a pretty safe way to increase wealth.

My point was that it’s never a sure thing it won’t depreciate in value. Borrowing against it is a clear gamble. In this case, dude got burned.

Even if I made a cash offer for my home to win it in a bidding war of course I’m going to finance it. At these rates would be stupid not to...

But I’m still not gonna go bragging about it on Facebook