My idea is some non profit gets setup to manage a system where someone announces their mortgage and then they can have friends, family and second and third degree friends and families finance your loan.
Let’s say someone buys a $250k house. Each person puts in $100 and then they get a receipt showing they are owed $200 against their 1/2500th share of the mortgage. Repayments are paid the $200 in return in a random time frame of between the first month to the last month 30 years later. Repayment is completely randomized, meaning you could get your money back really soon… Or a really long time from then.
There are a lot of other ways you could build on this idea.
Where is that ? That seems crazy high to me. I bought last year in Germany, at a “bad time” and my interest rate is 3.4% fixed for 10 years.
Well, I bought when the interests where highest a couple of years ago at 5 % interest rate in Denmark, fixed for 30 years.