How? Why? Profit & greed at many different levels. I know of lawn maintenance guy making $15 per hour who bought 3 - 4 homes. True no document loans that had nothing but a credit report and a signature got you a home with no down payment. I say that in jest, but it's not far from the truth. Lenders in the subprime days of the 2000's would give out 100% financing to anyone that could for a mirror and sign a document. They were abused in the 2000's to say the least. There's a time and place for low documentation loans, when done responsibly. I've been in the lending industry for the past 20 years and lived through the insanity of the 2000's to the over tightening of credit availability in the early to mid 2010's to seeing what had and is coming back now. That article is clickbate and does not provide any information about the products available today. This normally only happens once as the value of your home should stay the same until it sells again or you make major construction upgrades like a pool or addition or whatever. Even though you paid property taxes all year, the county will want even more based on the new price of the home. Right around this time of year (the year after you buy the home) you'll get a supplemental tax bill with the difference owed between the old property value and it's current one assuming it went up in value. You then pay the different in property tax on whatever you should have paid from the start. Once it switches over to you and the value gets reassessed (whatever you paid for it) the tax value will go up inevitably. If you buy a home in the first few months of the year you'll be paying the old tax rate for whatever value the property had pre-sale. One important thing that almost nobody will tell you about buying a home (at least your first one) is to plan for supplemental tax bills down the road. Typically, if you want to borrow against your house, you do it when you are agreeing your new mortgage by simply taking a bigger mortgage then you need, and pocketing the difference between what you currently owe, and your new mortgage size. One other difference in the UK is that HELOC-style instruments are rare. Then, after 2 years, they will come to remortgage and discover that, because house-prices have risen, they are now at a lower LTV, so will get offered a lower rate - e.g. They will fix for 2 years with a relatively high rate (maybe 4%). What commonly happens is that someone buying a new home will stretch to buy the most expensive home they can, at a 90/95% LTV. I don't know why we do it this way, but one interesting side-effect I will note is that the initial mortgage rate is primarily controlled by your LTV (Loan-to-value). A "typical" mortgage in the UK will be a 2-year fixed or tracker rate (at, say, 1.8%) that will revert to the banks SVR (Standard Variable Rate) which will currently be about 4.8%.ĥ and 7 year fixed periods aren't uncommon, 10-year is available but uncommon, and 25 years or lifetime is extremely unusual. Waste even more time: /r/InternetIsUseless /r/AndroidIsBeautiful Was your post removed from here? Found a cool site that's not particularly unique or beautiful? Head on over to /r/InternetIsInteresting. If this subreddit for whatever reason fails to provide the interactivity you need, we also highly recommend a look at /r/interactivewebsites for a less diluted dosage of interactivity. If you exhibit a similar addictive lust for information as you do for internet, we highly recommend you go give /r/dataisbeautiful a sub too. Something different? Try /r/InternetIsUgly. Beauty is in the eye of the beholder, but we have beheld a lot! This subreddit is highly curated and the moderators frequently must use their discretion and judgement as a team when enforcing our rules.Personal attacks, bigotry, fighting words and otherwise shitty behavior will be removed and may result in a ban. We enforce a standard of common decency and civility here.Includes Facebook, Google+, or otherwise.Įxtensions, software, or other content which requires a download to use. Websites that require a login or email address. Sites that pose a potential security risk. Online stores, paid services, or sites which serve only to sell a specific product. Sites that serve a political agenda or otherwise induce drama Static images, gifs, animations that serve the same purpose of gifs or collections of either. Something not unique (includes generators, blogs, tumblrs, etc.) Something everyone on the internet already knows about (e.g., Netflix, Khan Academy, etc.) What NOT to post (detailed explanations can be found here): Minimal or beautifully designed websites.Īwesome websites that offer a unique service.
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