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GraooGra
2012 Dec 28, 5:24am
GraooGra
2012 Dec 28, 5:24am
In a regular circumstances with a healthy market when you put down 20% and you are on 30-year fixed with low interest rate and your monthly payment is no more than 1/3 of your monthly income with a secure ratio of all payment obligations of 28/36... it is not a death-pledge.
Just because we have rigged market and the constant government interventions won't allow for necessary correction, it doesn't mean that mortgage is inherently a bad product. It is like food, you can make a good soup or you can make a poison, depending of your ingredients.
It means death-pledge in French (mort-gage). It is an obligation that goes beyond the death of the borrower.
No wonder the industry does not talk about this connection.
But what if they put a SEXY little spin on it and link mortgage to La Petite Mort?
http://en.wikipedia.org/wiki/La_petite_mort
Perhaps a tagline like:
You experience a Little Death every time you make a payment.
Now, that is sex appeal. ;-)
#housing