An idea so dumb..... (50 year mortgage)....

[Winco]

There is a good reason for common sense banking regulations to protect those of us with savings in those banks as well as all home owners' property values.

SO, YOU SUPPORT THE 50 YEAR mortgage or NOT?

Yes or No?

 

[Foxfyre]

SO, YOU SUPPORT THE 50 YEAR mortgage or NOT?

Yes or No?

I don't honestly care one way or the other. But if it would help responsible people be able to buy a home, begin to build equity however slowly, and there is proper oversight to prevent corrupt practices and there are lenders willing to make those loans, I would never close my mind to the concept.

 

[Winco]

I don't honestly care one way or the other. But if it would help responsible people be able to buy a home, begin to build equity however slowly and there is proper oversight to prevent corrupt practices and there are lenders willing to make those loans, I would never close my mind to the concept.

Math is hard, right?

What is the difference between at 15 year versus a 30 year mortgage?
On a 500K loan?

 

[Foxfyre]

Math is hard, right?

What is the difference between at 15 year versus a 30 year mortgage?
On a 500K loan

30 years minus 15 years is 15. years. The amount of the loan is irrelevant in that equation. Most First Graders could tell you that I think.

Now if you want to get into math like mortgage interest rates and how those work, points, fees, required starting equity, closing costs, insurance, taxes, various economic factors/rules/regs/restrictions for any given area, factors/projections of appreciation or depreciation of real property in any given area, costs of utilities/repairs/upkeep/mainteancne, whether buying or renting a place to live is the wiser choice etc. etc. etc., you'll need to word your question much differently.

 

[XponentialChaos]

Let's be honest here. What would MAGA be saying about this if Biden had come with this idea?

It's a really dumb idea that doesn't fix this issue.

 

[Foxfyre]

Let's be honest here. What would MAGA be saying about this if Biden had come with this idea?

It's a really dumb idea that doesn't fix this issue.

Why do you insist on a concept being evaluated only via who suggested it.

If it is a bad idea it's a bad idea no matter who put it out there. But if it has any merit at all, that should be considered no matter who put it out there.

 

[jknowgood]

Nothing wrong with it. In a place like CA, it may help young couples get into that first home.

Nobody says you have to stay 50 years. Conditions in lives change over time. They already had 50 yr loans out there.

TDS again.

I wouldn't do that in California, they will burn it down with their insane policies and then not give you the permits to build it back.

 

[XponentialChaos]

Why do you insist on a concept being evaluated only via who suggested it.

If it is a bad idea it's a bad idea no matter who put it out there. But if it has any merit at all, that should be considered no matter who put it out there.

It’s a bad idea regardless of who brought it up.

If Biden had brought this up, you MAGA folk would have ripped this apart.

Sorry you don’t realize that but it’s true. Have a wonderful day.

 

[candycorn]

It’s a bad idea regardless of who brought it up.

If Biden had brought this up, you MAGA folk would have ripped this apart.

Sorry you don’t realize that but it’s true. Have a wonderful day.

It reminds me of the discussion we had about 12 years ago about someone selling a kidney. MAGA wasn’t around then but the same yokels who think “why not” on this topic thought “why not” on that topic too.

 

[CrazyTrader55]

1) It's better than renting

2) Lots of people refinance, extending their mortgages beyond 30 years.

3) If you get a 50-yr mortgage on a $300k house, and your house doubles in value, your net worth increases by the $300k, even if you have not paid off any principal.

1) Maybe, maybe not. It might be worse than renting once you add in maintenance, insurance, upkeep, and interest costs. Don't forget the ever increasing property taxes too. Govt. needs their slice of the pie!

2) Sure they do, and every time they re-finance, the bank wins. Remember those fees they charge.
I actually did refinance one time but that was to eliminate PMI - and there was an obvious financial benefit.

And speaking of PMI: until you get 20% equity, you'll pay this. People that take out 50 year mortgages don't usually have a lot of extra cash sitting around, and with this kind of a mortgage structure, they might not get 20% equity for 20 years. BANK WINS AGAIN !!!

3) So if you live there for 10 years and pay down little to no principal, and then sell the house, don't forget the 6% realtors commission and the transfer tax. You may come out ahead - you may not.

 

[Foxfyre]

It’s a bad idea regardless of who brought it up.

If Biden had brought this up, you MAGA folk would have ripped this apart.

Sorry you don’t realize that but it’s true. Have a wonderful day.

I suspect the only reason you are saying it's a bad idea is because Trump brought it up. Otherwise you might be able to actually discuss the pros and cons of it.

Have a wonderful day yourself.

 

[XponentialChaos]

I suspect the only reason you are saying it's a bad idea is because Trump brought it up.

I suspect the only reason you’re not ripping the idea apart is because Trump brought it up. If Biden had brought this up, you MAGA folk would agree with how stupid this is.

Sorry you don’t see what’s clearly obvious. But do have a wonderful day anyway.

 

[Jim H - VA USA]

1) It's better than renting.

1) Maybe, maybe not. It might be worse than renting once you add in maintenance, insurance, upkeep, and interest costs. Don't forget the ever increasing property taxes too. Govt. needs their slice of the pie!

You started this thread saying 50-yr mortgage is a dumb idea, and now you are saying that rent might be a better option. So you like 30-yr mortgages and rent. Rent is like a 10,000-yr mortgage.

Really, you are just against this idea because it is Trump's idea. Clearly a 50-yr mortgage has some potential merits compared to renting for those who can't afford a 30-yr payment.

 

[Foxfyre]

I suspect the only reason you’re not ripping the idea apart is because Trump brought it up. If Biden had brought this up, you MAGA folk would agree with how stupid this is.

Sorry you don’t see what’s clearly obvious. But do have a wonderful day anyway.

I don't/didn't know who brought it up. I'm just not TDS or any other such inflicted and prefer to consider ideas/concepts on their potential and/or merit instead of making everything politically toxic.

So sue me.

 

[CrazyTrader55]

You started this thread saying 50-yr mortgage is a dumb idea, and now you are saying that rent might be a better option. So you like 30-yr mortgages and rent. Rent is like a 10,000-yr mortgage.

Really, you are just against this idea because it is Trump's idea. Clearly a 50-yr mortgage has some potential merits compared to renting for those who can't afford a 30-yr payment.

I'm a Trump supporter....your argument fails.

And so will 50 year mortgages.

 

[buttercup]

I suspect the only reason you’re not ripping the idea apart is because Trump brought it up. If Biden had brought this up, you MAGA folk would agree with how stupid this is.

Sorry you don’t see what’s clearly obvious. But do have a wonderful day anyway.

The root of the problem here is a 'team sports politics' mindset. Partisans on both sides are guilty of that. And I think it's one of the things that's destroying this country.

If people who participate in politics don't put truth first...I hate to say this, but imo they deserve whatever is coming to them.

 

[XponentialChaos]

I don't/didn't know who brought it up. I'm just not TDS or any other such inflicted and prefer to consider ideas/concepts on their potential and/or merit instead of making everything politically toxic.

So sue me.

Do you honestly think MAGA folk would consider this idea on its merit and think it isn’t stupid if it was Biden who proposed this?

Oh my. How foolish that is.

Have a wonderful day though.

 

[XponentialChaos]

The root of the problem here is a 'team sports politics' mindset. Partisans on both sides are guilty of that. And I think it's one of the things that's destroying this country.

If people who participate in politics don't put truth first...I hate to say this, but imo they deserve whatever is coming to them.

100% agree.

 

[AntonToo]

50 year loans. It seems after all this time with Trump people would realize that Trump starts from an extreme position to begin his bargaining.....
30 years is way too long

How do you not get that you are posting silly nonsense?

Trump doesn't need to propose 50 year loans to get "way too long" 30 year mortgages.

He got some idiot in his ear about 50 year mortgages so now he is mouthing off about it.

 

[martybegan]

Nothing wrong with it. In a place like CA, it may help young couples get into that first home.

Nobody says you have to stay 50 years. Conditions in lives change over time. They already had 50 yr loans out there.

TDS again.

Refinancing exists.

I think a better idea would be to make mortgages build in 1-2 extra payments per year on just the principle. People always say they will do that, but baking it in would make it more commonplace.