I am not convinced mortgages is a net benefit to the society in any way.
Very few people can afford to pay for homes in all cash up front. Plus, financing a home is usually a great idea, since they tend to be appreciating assets (as long as the interest rate is lower than the rate of appreciation).
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Very few people can afford to pay for homes in all cash up front. Plus, financing a home is usually a great idea, since they tend to be appreciating assets (as long as the interest rate is lower than the rate of appreciation).