▲ 1640 ▼ A conundrum (lemmy.world) submitted 1 year ago by ickplant@lemmy.world to c/lemmyshitpost@lemmy.world 271 comments fedilink hide all child comments
[–] null_dot@lemmy.dbzer0.com 5 points 1 year ago (1 child) Idiocy. The bank doesn't get the down payment. The person selling the house does. You pay that person the down payment, and the bank pays them the rest. Honestly there's loads of great reasons to hate banks but lots keep it real and avoid making up nonsense. permalink fedilink source parent hideshow 2 child comments replies: [–] ZombiFrancis@sh.itjust.works 2 points 1 year ago (1 child) Banks typically ask for you to have cash in hand (deposited), or equivalent leverage, to qualify for loans in the first place. The bank I used actively tried to get me to go with less down payment, and subsequently take out a larger loan. But yes it is the height of idiocy to say, 'down payment deposit' when 'qualifying assets' is a more accurate term for the transactions function. permalink fedilink source parent hideshow 2 child comments replies: [–] null_dot@lemmy.dbzer0.com 3 points 1 year ago (1 child) They need you deposit that down payment cash ASAP so they can lease it to billionaires and crypto exchanges. No, this is patently false and borne of a misunderstanding. Idiocy. When providing a mortgage, how does a bank get money to lease to billionaires and crypto exchanges? permalink fedilink source parent hideshow 2 child comments replies: [–] ZombiFrancis@sh.itjust.works 1 point 1 year ago (1 child) Banks do leverage mortgage debt. Essentially the same process, in turn. permalink fedilink source parent hideshow 2 child comments replies: [–] null_dot@lemmy.dbzer0.com 3 points 1 year ago* But how do they lease your deposit to billionaires and crypto exchanges? permalink fedilink source parent
[–] ZombiFrancis@sh.itjust.works 2 points 1 year ago (1 child) Banks typically ask for you to have cash in hand (deposited), or equivalent leverage, to qualify for loans in the first place. The bank I used actively tried to get me to go with less down payment, and subsequently take out a larger loan. But yes it is the height of idiocy to say, 'down payment deposit' when 'qualifying assets' is a more accurate term for the transactions function. permalink fedilink source parent hideshow 2 child comments replies: [–] null_dot@lemmy.dbzer0.com 3 points 1 year ago (1 child) They need you deposit that down payment cash ASAP so they can lease it to billionaires and crypto exchanges. No, this is patently false and borne of a misunderstanding. Idiocy. When providing a mortgage, how does a bank get money to lease to billionaires and crypto exchanges? permalink fedilink source parent hideshow 2 child comments replies: [–] ZombiFrancis@sh.itjust.works 1 point 1 year ago (1 child) Banks do leverage mortgage debt. Essentially the same process, in turn. permalink fedilink source parent hideshow 2 child comments replies: [–] null_dot@lemmy.dbzer0.com 3 points 1 year ago* But how do they lease your deposit to billionaires and crypto exchanges? permalink fedilink source parent
[–] null_dot@lemmy.dbzer0.com 3 points 1 year ago (1 child) They need you deposit that down payment cash ASAP so they can lease it to billionaires and crypto exchanges. No, this is patently false and borne of a misunderstanding. Idiocy. When providing a mortgage, how does a bank get money to lease to billionaires and crypto exchanges? permalink fedilink source parent hideshow 2 child comments replies: [–] ZombiFrancis@sh.itjust.works 1 point 1 year ago (1 child) Banks do leverage mortgage debt. Essentially the same process, in turn. permalink fedilink source parent hideshow 2 child comments replies: [–] null_dot@lemmy.dbzer0.com 3 points 1 year ago* But how do they lease your deposit to billionaires and crypto exchanges? permalink fedilink source parent
[–] ZombiFrancis@sh.itjust.works 1 point 1 year ago (1 child) Banks do leverage mortgage debt. Essentially the same process, in turn. permalink fedilink source parent hideshow 2 child comments replies: [–] null_dot@lemmy.dbzer0.com 3 points 1 year ago* But how do they lease your deposit to billionaires and crypto exchanges? permalink fedilink source parent
[–] null_dot@lemmy.dbzer0.com 3 points 1 year ago* But how do they lease your deposit to billionaires and crypto exchanges? permalink fedilink source parent
