Banks .....

[farmaholic]

Sumdumguy, you'd better get a contract and read the fine print on that one.

[farmaholic]

Mortgage fees????

[mbdog]

Orderly incremental deflation thru time using "market" rotating thru all sectors....looks like the banks are throwing up a flag. Party over for now in some parts of the resource sector....ripple effect to clobber non resource assets in todays world. Everything lining up/having to deal with global competition, entitlement and governments moving to user pay. Shakey floors on all assets. Opportunity for others.

[sumdumguy]

My understanding is that if you took a $250,000 mortgage, they would put $225,000 into the house payment and give you $25,000 cash to spend, say on new furniture or booze. I will try to check it out.

[cottonpicken]

Omg,did you really hear that sum?

That scheme was suppose to have ended a few years ago,when it was only 5%!

Basically letting people get a morgage with no money down.

[mbdog]

That would scream "adjustment time" if that's what it takes to move houses. Scary

[checking]

What is the difference between that and having the seller increase the value of a house over what he wants, cuts a cheque for the increased portion, give it to buyer so he now has a down payment that he can use to get a bank mortgage, and on its arrival return the cheque amount to the seller?.

People can't borrow $10,000, but no problem getting $500,000, if you have the down payment.