Ludo Landry
@ludo
As many pointed out this is pointless. One thing that would be amazing though is: to upgrade to a new house without changing your existing mortgage. This would be win-win for all parties. https://x.com/potus/status/1770906980342776175?s=46
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Ludo Landry
@ludo
Example: I have a 300k mortgage on my 400k house (the bank has a lien on this asset). I find a 450k house to buy and I have the extra $50k. I sell my 400k house, buy the new house with the $450k and the bank now has a lien on a better asset, the mortgage is still the same (300k).
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Ludo Landry
@ludo
This unlocks liquidity, more sellers, more buyers, banks own an upgraded asset on the mortgage in case of default, bank provides a bridge loan to close buy-sell, they make money on this + the bureaucracy of all this. Everybody wins, why didn’t we have this? Is there a flaw?
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Cassie Heart
@cassie
The banks miss out on that sweet, sweet interest. Also it gets a little complicated if moving to a house in an HOA
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Ludo Landry
@ludo
Right, but now the bank misses all of the deals that are not happening. You could have the same rules about what qualifies.
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