So! I am in america on vacation now.. and I am a bit confused..

>>1457646
It's just a way for the bank to evaluate how likely you are to pay back the money they extend, regardless of fees.
If you can't prove a history of paying loans back then, no, they're not going to be beating down your door to lend you money.

but would it not make more sense to pay a 15% downpayment on the loan, and if you cant pay, the bank takes the house and they have 15% to work with...
not give a 100% loan for a house..

the banks would take a bit more risk, but people would not get fucked so hard over..

>>1457659
They're not going to let you buy a house with a credit card, Bud.

>>1457646

it's just a numerical grade of how much banks/insurance cos/etc should trust you. you start out with a little bit - like a $500 limit credit card - and you earn more and more trust as you actually pay back the credit that is extended to you. your score goes lower if you don't pay it back.

in 17 years of having a credit card, i've never paid a fee or paid any interest.

>>1457646
Paying fees hurts your credit score. Wtf you idiot

>>1457666
well, maybe a shitty one.. but I know! but it seems that you have to have and use a credit card for years before they will let you get a house loan..

>>1457670
but you have to use the card? you cant just have a card? and you pay fees when you use it?

>>1457672
and yeah.. I am a idiot when it comes to this system... other countries have more sensible systems...that works.. and I was just curious about this system.. but sorry I guess?

>>1457677
>you have to have and use a credit card for years before they will let you get a house loan
Most people don't have any other way of convincing a bank they'll pay back $300,000.
Baby steps.

>>1457681
back home (norway)
you have to show a workers contract, that you actually have a job, show the three last payslips and you have to pay 15% of the total house cost... and the bank will lend you the remaining 85%

but can you borrow 100% of the house cost if you have a good credit score?

>>1457687
>the bank will lend you the remaining 85%
>can you borrow 100% of the house cost?
The banks here will loan you the 90% or 80% you didn't put up for a down payment, yes.

>>1457690
ok, atleast that part makes sense...
back home you can get a 100% loan if you are under 30.

I just freak out a bit when all the stores here have ATM`s inside and some say they charge a extra 2% if you pay by card..

pluss, I hate credit cards..

thanks for explaining!

>>1457696
>TFW was going to call you a faggot for insulting glorious american system by trolling but it turns out you're okay

>>1457696
>you can get a 100% loan if you are under 30
You don't have to pay 15% of the house cost, as in your example?

>some say they charge a extra 2% if you pay by card
Some businesses don't want to pay for access to credit markets, and so their overhead is lower. As a result, they can cut you a break on price if so inclined.

>>1457707
woho! internet approval!

>>1457708
no, you can get a youth loan, limited to arround 250k usd, and you can borrow 100% as long as you are under 30 and it`s your first home.. its a first home loan for people under 30..

>>1457723
>arround 250k usd
How much house does this get you in Norway?
2,000-3,000 sq. ft.?
And are values double in Oslo?

>>1457731
I have a 56 sq.m appartment in oslo, worth about 400k
I also have a 200sq.m house outside oslo, also worth about 400k.

and I have a 150sq.m house in sweden, about 70 miles from oslo.. and it`s worth 100k

outside oslo you get a house for about 5k per sq.m
in oslo, over 10k per sq.m

expensive shit...

average salary in norway is about 55k

>>1457748
>expensive shit...
Yeah, the Oslo part sounds like the high end hoods here.
2.5 mil for a four bedroom sounds about right.

>>1457759
I`m just looking forward to selling the appartment and one house, and be debt free!
something I am kinda happy about at 36

>>1457760
>debt free
That's the way to do it.