Trump proposes 50-year mortgage to help affordability

[drudge X]

The price of a house went up more than a 100% when the government went from 15 years to 30 years.

Now every home in America will cost a million dollars.

Yep. Owning a home may be lost for several generations. Those who didn't get a chance to buy during Trump's first term may be renter for life, move, or chip in with family members to buy.

 

[drudge X]

Trump is an economically illiterate moron who honestly thinks he just vomited a great idea.

And if you don't see that, then you are in a cult.

If you can only see Trump morning, afternoon, and evening for the next four years, you are a cult.

 

[Fort Fun Indiana]

If you can only see Trump morning, afternoon, and evening for the next four years, you are a cult.

Irrelevant, low IQ... reflexive cult outburst

 

[drudge X]

My place has more than doubled in value since I purchased 17 years ago. The mortgage is paid off. Does that sound like I'm in debt for life? Buying with a credit card at 26% APR and paying minimum payments is in debt for life. Using credit wisely is what keeps you out of debt. It doesn't matter how long a mortgage is, if you pay it off, you aren't in debt.

Yep. I paid mine off in less than 10 years for a 30 years mortgage. How? Easy. Cut off unnecessary subscriptions, cut cable, no need to eat out, buy only necessary items, and pay extra principal monthly.

 

[drudge X]

Irrelevant, low IQ... reflexive cult outburst

Coming from a stage 4 TDS victim

 

[Concerned American]

Yep. Owning a home may be lost for several generations. Those who didn't get a chance to buy during Trump's first term may be renter for life, move, or chip in with family members to buy.

This is much ado over nothing. The term of a loan has nothing to do with when it is paid off. I've had a total of three thirty year loans over 45 years--all paid off before the term expired. No one with any financial sense holds a real estate loan to term.

 

[Fort Fun Indiana]

Yep. I paid mine off in less than 10 years for a 30 years mortgage. How? Easy. Cut off unnecessary subscriptions, cut cable, no need to eat out, buy only necessary items, and pay extra principal monthly.

Ah yes, the conservative nonsolution to every problem:

Point at peole and tell them to do better.

Of course, its always immediately bolstered with a personal anecdote thats "just perfect" for the occasion. .

Last I checked, there were more people dying in Canada from waiting for Healthcare than there are Canadians.

 

[Fort Fun Indiana]

Coming from a stage 4 TDS victim

Oh look, another one.

Can't even keep your composure, when the fat rapist is on the block.

That's cultism for ya!

 

[drudge X]

Ah yes, the conservative nonsolution to every problem:

Point at peole and tell them to do better.

Of course, its always immediately bolstered with a personal anecdote thats "just perfect" for the occasion. .

Last I checked, there were more people dying in Canada from waiting for Healthcare than there are Canadians.

Which of my saving methods are offending you?

 

[drudge X]

Oh look, another one.

Can't even keep your composure, when the fat rapist is on the block.

That's cultism for ya!

Damn, did Trump touch you somewhere inappropriately?

 

[Fort Fun Indiana]

Which of my saving methods are offending you?

Ope, can't even follow simple English sentences now.

Cultism really does a number on the brain.

 

[drudge X]

This is much ado over nothing. The term of a loan has nothing to do with when it is paid off. I've had a total of three thirty year loans over 45 years--all paid off before the term expired. No one with any financial sense holds a real estate loan to term.

That's true but the amount needed for a starter home cost a lot more. 20 years ago, with $50K or $40K, you can easily down a home. I don't know what the average is these days but that number may be a back breaker for most first time buyers.

 

[drudge X]

Ope, can't even follow simple English sentences now.

Cultism really does a number on the brain.

Poor baby, let me guess, you saw Trump in your bowl of cereal this morning.

 

[Concerned American]

That's true but the amount needed for a starter home cost a lot more. 20 years ago, with $50K or $40K, you can easily down a home. I don't know what the average is these days but that number may be a back breaker for most first time buyers.

Makes it more difficult without a doubt. However since the housing bubble in the early 00s, private mortgage insurance has been a way around it--added into the loan, it protects the lender while allowing the borrower to circumvent the ridiculously high 20% down requirement.

 

[pknopp]

Seems Trump spoke before thinking (again).

‘Sold POTUS a bill of goods’: White House furious with Pulte over 50-year mortgage

The White House was blindsided by the idea and is now dealing with a furious backlash from conservative allies, business leaders and lawmakers.

www.yahoo.com

 

[Fort Fun Indiana]

As if this is "Trump's idea". That idiot knows nothing about anything. This idea has been around for a long time. And there are good reasons we don't do it.

Some economically illiterate bootlicker tried to make himself seem important and fed this idiotic idea to the economically illiterate president.

As I said. Right on brand.

"White House officials are furious with Bill Pulte, the Federal Housing Finance Agency director, who talked the president into suggesting a 50-year mortgage plan."

‘Sold POTUS a bill of goods’: White House furious with Pulte over 50-year mortgage

The White House was blindsided by the idea and is now dealing with a furious backlash from conservative allies, business leaders and lawmakers.

www.yahoo.com

...........


Bill Pulte: degree in broadcast journalism, fathered a private equity firm, got the job for his fat donations

 

[g5000]

This is an incredibly dumb idea. Who on Earth would want a 50-year mortgage? You're indebting yourself your entire life and will pay far more interest over the course of the loan than your home will ever be worth. It's a lifetime of indebtedness. Japan attempted a similar approach in the 1980s and it didn't work.

Trump proposes 50-year mortgage to help affordability

Trump supports 50-year mortgages to lower monthly payments, but longer terms reduce equity and aren't supported under current mortgage rules.

www.housingwire.com

.

Well, after Trump reduces drug prices 1500 percent, you'll be able to afford a nice house! The man's a genius about such things, ya know.

.

 

[my2¢]

When I think of a 50-year mortgage the sound of Tennessee Ernie Ford singing Sixteen Tons crosses my mind.

 

[Admiral Rockwell Tory]

Would it reduce the monthly payment enough to make currently unaffordable homes affordable ? Hmmm I don't know.

Nope.

 

[Admiral Rockwell Tory]

There are 10-year auto loans available on high-end models.

My wife saw a Rolls Royce today in Georgia and Googled the price - $440,000.