Do you mean 7 years of down payment time? If so, how would that help? I feel it only would favor those already owning, would be impossible for a new family to get into the market.
Here in Norway the the general rule is that you can't have more debt than 5x your income, with room for some exceptions. Kinda creates a ceiling for the prices of normal houses / apartments.
Btw curious: I often see sellers in the US preferring to sell to someone that pays cash vs a loan. Why does that matter? Here at least I don't care where the money comes from, I get paid the same.
The reason to prefer cash is that there are far fewer things to hold up or tank the deal. When the deal is dependent on a loan, it also becomes dependent on all the conditions for that loan (and the timeline to get it approved).
Ah, here you get your loan amount approved before you start looking at houses. And when bidding you provide your bank contact, which confirms to the realtor that your bid is ok.
But I guess things are just very different. As a buyer you wouldn't have a realtor here either, one for the seller is enough. Quite stringent rules on how the bidding process works, the seller needs to pay for an inspection before putting the house up for sale etc.
Here in Norway the the general rule is that you can't have more debt than 5x your income, with room for some exceptions. Kinda creates a ceiling for the prices of normal houses / apartments.
Btw curious: I often see sellers in the US preferring to sell to someone that pays cash vs a loan. Why does that matter? Here at least I don't care where the money comes from, I get paid the same.