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Is it true that rich people can borrow money at very low rates of interest, nearly free? Regular savers must borrow at much higher rates of interest.
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Maybe. Wealthy people do have access to investment opportunities that the average person does not. It wouldn't surprise me if they could get more favorable rates on financing.
Why do you ask? Do you need a loan?Brian -
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So he has.........Originally posted by Nutria View PostHe's been banned, so he might not answer...
Oh well
BrianComment
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But was it an inadvertent click by a moderator when sweeping up spammers?Originally posted by bjl584 View PostSo he has.........
Oh wellComment
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We were able to get a great mortgage rate, mainly because we have excellent credit scores but also because we had enough in our retirement accounts to pay for the house. We are not rich in any sense of the word, but we have enough to cover our loans. And we refinanced at a great time, too.Comment
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msomipotent, did your lender ask for you to document retirement savings? It's been a long time since we applied for a mortgage, but i don't remember that being asked. (At the time it would not have been much anyway.)"There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid
"It is easier to build strong children than to repair broken men." --Frederick DouglassComment
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We showed everything. He wanted to know our net worth, I think. And it had to be an official document from the investment companies and not just a printout from our computer, which I thought was odd. A printout would have the same info and still show our identifying information. We could have just as easily falsify a logo and letterhead if we wanted to fool them. This was about 2 years ago, I think. I know the rules have recently changed, but I don't know details. I'm going to find out soon, hopefully, when we move.Originally posted by Joan.of.the.Arch View PostComment
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