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Poor people don't always have the means to save to afford the 10-30% down payment, so they cannot benefit from the cheap mortgage rates.
by enra 7y ago
Poor people don't always have the means to save to afford the 10-30% down payment, so they cannot benefit from the cheap mortgage rates.
- joeyrideout 7y agoOn the other hand, the banks are basically transferring wealth to the middle class (or anyone who can afford a mortgage) by paying them to borrow money.
- msh 7y agoIn Denmark the required downpayment is 5%, up from 0 a few years ago.
- fuzz4lyfe 7y agoSame in the US effectively. You will have to pay extra for mortgage insurance but I think the 20% notion is long dead.