good news, theyre counting rent and utilities payment as a way to build credit now! link
this post was submitted on 07 Sep 2025
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Well shoot. Why wasn’t this the case from the start? I’ve only ever had troubles with payments a few times in the 10 years I’ve been renting. Good thing none of that counts for anything and the clock is just now starting.
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I hate to break it to you, but mortgage payments are not cheaper then rent anymore. Obviously depends on your mortgage and money down and all that, but if you expect to pay half as much for mortgage payments as you did for rent, you're going to have a very bad time.
Surely, this depends a lot on what market you’re in. If you’re in a very expensive area and need to take a big loan with a high fixed rate, I can see that being the case but renting the equivalent place would probably be extremely expensive too.
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The deposit is not to prove you can make the repayments.
Housing markets do, occasionally, go backwards in value.
If you have a loan for a house which is more than the value of the house you would have an incentive to just stop paying.
Thats why the bank needs a buffer, in the form of a deposit. Its not really nefarious.
you need to pay us interest because we're taking the risk. Also you need to give us a down payment to offset our risk.
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Suppose I was the bank...
Guy1) Hey bank I want to sell my house for $1,000,000.00. Here is the deed, I owe $999,999.00 bank2.
Bank1) OK I'll take the house, here is $1.00 and $999,999.00 for bank2. Did you fuck up the house or burn it down to the point I can't sell it?
Guy1) yup to the ground I burnt it all.
Assessor) I'll charge Bank 1 $300 to go asses the price. Yeah currently this property can be sold for $300,546.00.
Bank 1) OK Guy1, you owe Bank2 $699,454.00 but here's your $1.00.
Guy1) your honor I need to file for chapter 11. I have no money
Guy2) Bank 1, I would like to buy this property.
Bank1) Sure that'll be $1,000,000.00.
Yeeeeah, I was too adult in 2008 to go "you know the real problem? We check too hard for solvency when giving out mortgages".
Not that I have a silver bullet for solving a housing crisis. There probably isn't one. You need a lot more public housing as a percentage of the total pool, that much I can tell. How you fix a job market where nobody holds the same position for more than a handful of years is beyond me. You probably need to make it much more expensive to own a house without living in it or renting it out. You definitely want to make it much more expensive for corporations to own housing.
Guessing that's harder to fit in a pithy, viral tweet, though.
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Come back with some inheritance and then we will talk.
How fucking old is this? Unless it's a real shithole, mortgages have not been this cheap since Truss fucked up the economy