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"German aversion to mortgage debt is part of the reason why the country has some of the lowest homeownership rates in the developed world." That's not just bec
by joezydeco 9y ago
"German aversion to mortgage debt is part of the reason why the country has some of the lowest homeownership rates in the developed world."
That's not just because of an aversion to debt. German Banks require a much larger down payment for their mortgages. Usually 30% or more.
Banks will also look at the physical age of the borrower. They will not hand out 20-30 year loans to someone in their 60s.
- ChemicalWarfare 9y agoIn the US you are protected by the Equal Credit Opportunity Act so the bank can't turn you away based on your age. That said though - you do need to show sufficient income to qualify.