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For our international readers, this is very uncommon behavior among Americans (taking out mortgages for a diamond ring) and it seems unlikely since it would req

For our international readers, this is very uncommon behavior among Americans (taking out mortgages for a diamond ring) and it seems unlikely since it would require one of the two members of the marriage to own a house as a single person, which is also uncommon among Americans. Spending too much on a diamond ring is common though

Merrill 7y ago
It's not uncommon for engagement and wedding expenditures to exceed what could otherwise be the down payment on a starter home.
mywittyname 7y ago
It's very common for people to purchase engagement rings on loan. I had a friend who sold jewelry back in the 00s and he said it was pretty rare for someone to pay cash for engagement rings. Most people got 12-36 months loans. It's possible this changed between 09-13 because of the recession, but I'd bet it's very common now that the economy is doing really well. This might not be a mortgage, in the sense of being a lifetime payment. But it's a (semi-)secured loan.