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⚡️🇺🇸 WATCH - This testimony is going to blow your mind

“Me and my wife went and did the pre approval process for a mortgage loan yesterday and what the f*ck are you talking about”

“We're looking at the numbers, looking at our income, looking at our credit, and they have us at $450,000 — They have our mortgage after PMI, after insurance, after taxes; at $4,636 a month. What the f*ck are you talking about”

“For the average American, this is way f*cking far out of reach”

Interest terms in this country are out of control and should be federally illegal

A $450,000 home now costs $1,668,960 after interest and fees on a 30 year mortgage in America

Total cost: Principal ($427,500) + Interest ($897,840) + Taxes/Insurance/PMI ($343,620) = $1,668,960

You just paid $1,668,960 for a $450,000 home…

This is how much it costs to buy a home in one of the most affordable states in America, Texas — Wall Street Apes.

https://blossom.primal.net/6ef0de3966dd88a08423d15954f67c46012ec38accb99e5b6646e7920585cf93.mp4

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Discussion

IdahoPuma 5mo ago

Texas is a little nuts for property taxes

FreedomTech 5mo ago

Home prices are too expensive as well.

The way fix this is build your home cash yourself over 5 to 10 years. Lift in it as son as you have the walls, windows, and roof. Then finish off the inside bit by bit as you earn the money.

This is how most everyone does it in Mexico. No loans involved.

SweedWick 5mo ago

That does not include the escalating cost of homeowners insurance, required for any mortgage, along with basic utilities to survive. Having an incentivizing tax code, lending industry, limited financial education, etc., and viola, the cost of home ownership is waaayyyyyu beyond most folks. I’ve always had to rent a room or do a garage granny unit since day 1. It works, but isn’t ideal and not everybody wants to be a landlord. Or should be. Or should have to be. I hope someone will invent a better store of value than my home for long-term savings.

Arthur Morgan 5mo ago

30 years is a LOT of inflation. 1.6m will be nothing by then

Kevin Alfred Strom 5mo ago

Not only is "loan" interest a crime (your local or not-so-local bank creates the money out of nothing), but property taxes are another outrageous theft that you cannot escape even when you pay in full up front or have paid off the loan after 30 years of laboring for the usurers.