I need your help.

Make a comment below and tell me what you hate the most about home mortgages with banks.

Thank you!

Mortgage broker here. It's a shitty criminal product all around. First, most loans are owned or insured by the government meaning they control both supply and demand to an extent. They also control rates so it's a complete monopoly. The "interest" you pay on a mortgage is literally theft since most loans are insured by the same gov that you pay taxes too. So if you default and the lender can't recoup their loss by selling the siezed home then the government covers it. So you are paying ridiculous interest on a risk free invesment by the lender that in essence (through taxes) you paid to insure. Home appreciation allows the gov to make even more money whilst applying ever growing boot on the neck of the average homeowner/family, oh and also cover inflationary losses. I haven't done a loan in the last 4 months because it makes me sick.

Sickening. Lets reinvent the process with crypto

Not difficult. Everybody gets one interest free, no fee loan on a reasonalbly priced property that costs approx 5-10% of take home pay with flexible payment options and incentives (as opposed to disincentives) for paying down or paying off the loan (like being able to get another free loan, or access to a renovation loan, or a larger loan etc.). Defaults would be non-existent. Problem is property taxes, hoas fees, homeowners insurance costs, realtor fees would all need to be eliminated. Annnnnd it would crush every single market. No biggie

Why would it be 5% to 10% of take home pay?

Lots of reasons. Would eliminate 95% of all defaults leaving room adequate room for other expenditures/savings/investments etc. The limit right now does vary but just your loan payment can make up around 36% of your take home pay which is horrible, particularly for low income earners. If houses weren't grossly inflated like they are (and you take away interest) then 5-10% would seem super high. But it is a home and you should be able get interest free loan with that much income wiggle room. 6 month freeze for job loss/medical emergency etc.

36% of gross income. Not take home pay. Which makes it worse...

I just wonder if this is actually still over complicating it. Why not just make zero interest payments on the labor and materials to build the home and then pay a really small fee for the crypto payment?

Safer to establish reasonable criteria for the free loan otherwise folks would overborrow/take advantage - i've seen it. Overborrowing is fine, just not free, motivation and preference do vary. It's just higher risk so potentially higher cost. The goal is to end homelessness and create a financially stable population right?