A 50 year mortgage is an awful idea
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This was a topic on my local radio station a day or 2 ago, which is very much a right leaning outfit (700 WLW) here in Cincy.
The host was not a fan. I can’t remember the purchase price they used as an example (l think it was around $300k), but they did some rough math and determined the 30 year payment would be around $2,400, and the 50 year payment would be around $2,200, a difference of only a couple hundred bucks, except you’re obviously on the hook for 20 more years with the 50 year option.
Banks always frontload the earlier payments with interest, so it would be demoralizing seeing the amount of principle you paid after 20 years only to realize you still got 30 more years of it.
It’s a great idea for banks, not a great idea for wannabe homeowners.
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refinance, google it.
I've never kept a mortgage of mine for it's entire time, I've always refied or paid them off and now that I'm on the opposite side of this, people I work with do the same.
It's another tool that no one is forcing anyone to use. If you use it, keep it until your individual circumstances allow you to refinance or sell
Our musical works to date http://www.arielsatticmusic.com/ -
refinance, google it.
I've never kept a mortgage of mine for it's entire time, I've always refied or paid them off and now that I'm on the opposite side of this, people I work with do the same.
It's another tool that no one is forcing anyone to use. If you use it, keep it until your individual circumstances allow you to refinance or sell
refinance, google it.
I've never kept a mortgage of mine for it's entire time, I've always refied or paid them off and now that I'm on the opposite side of this, people I work with do the same.
It's another tool that no one is forcing anyone to use. If you use it, keep it until your individual circumstances allow you to refinance or sell
Paying more than the minimum payment is also a good strategy, assuming someone is in a position to do that. Even a hundred bucks extra each month will really add up by not only reducing the principal, but by also reducing future interest the bank would otherwise charge you.
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I’m not a fan of an 84 month car loan, but again nobody is forcing you to sign on the dotted line.
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***FARTING***
You mean where you made asinine claims in ignorance about it hurting banks etc?
That means nothing when you don't explain why...
Explain what you mean in detail. Paying off mortgages way early hurts banks. Not putting your money in a bank, hurts that bank.
Again, answer the question - why do you believe the 50 year mortgage is a bad idea? You have to KNOW how it would work before you can justify it one way or another.
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woodpecker sits back and attacks, doesn't know anything about the issue.
standard birdbrain MO.
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***FARTING***
You mean where you made asinine claims in ignorance about it hurting banks etc?
That means nothing when you don't explain why...
Explain what you mean in detail. Paying off mortgages way early hurts banks. Not putting your money in a bank, hurts that bank.
Again, answer the question - why do you believe the 50 year mortgage is a bad idea? You have to KNOW how it would work before you can justify it one way or another.
You mean where you made asinine claims in ignorance about it hurting banks etc?
That means nothing when you don't explain why...
Explain what you mean in detail. Paying off mortgages way early hurts banks. Not putting your money in a bank, hurts that bank.
Again, answer the question - why do you believe the 50 year mortgage is a bad idea? You have to KNOW how it would work before you can justify it one way or another.
I already did you fucking moron.
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so, the stupid woodpecker still has ZERO reason to for bitching about the 50 year mortgage? I explained what I thought.
apparently, woodypeckerhead doesn't think anything about anything, just feels like raising hell because birdie can't dominate and control the forum....
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Cal, you're a moron that would do anything to keep sucking Trump's dick like he sucked Big Bubbas.
You're a senile fool with zero media literacy and an inability to share any educated thought.
If you can't follow, I'm not walking you through it.
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Cal, you're a moron that would do anything to keep sucking Trump's dick like he sucked Big Bubbas.
You're a senile fool with zero media literacy and an inability to share any educated thought.
If you can't follow, I'm not walking you through it.
***FART***
liar. prove it. go ahead, show us your REASONING why you made the claims.
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***FART***
liar. prove it. go ahead, show us your REASONING why you made the claims.
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making statements without any reason behind it is cowardly. And you do the same thing.
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***FART***
liar. prove it. go ahead, show us your REASONING why you made the claims.
liar. prove it. go ahead, show us your REASONING why you made the claims.
@calfoxwc said:
no, what you did was to make vague allegations against it. No details, no legit justification for saying your nonsense.
you said:
"It's a terrible idea mainly because it does NOTHING to solve the housing cost issue."
*********************
why do you say that? How do you FEEL that it doesn't help solve the housing crisis? getting about 10 MILLION of your damn illegal aliens the hell out of our country would help solve the housing crisis !
*********************
It's just great for banks
*********************
Why do you say that? You don't know how it would work, what interest rates would be... you don't know jack about the subject.
*********************
You save a few hundred a month and add hundreds of thousands of dollars of interest to a mortgage you'll carry into your 80s or 90s. It's an absolutely absurd thing to propose, hurts the consumer, helps big banking, and does nothing to solve the underlying issue. "
*********************
this is more bloviated bs. You are ASSuming the current interest rate.
2 days agoJumbo Mortgage Rates Drop 0.83% The current average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) is 6.68%.*************************having said that, a 50 year mortgage rate would have to be a special rate, much lower. I don't know the calculations either, but I didn't start the thread, you did, stupid.We refinanced our home when the interest rates fell, and saved about $200,000 dollars in interest.We went to a 15 year loan, and paid it off way early. We paid off our 20 acres. A lower interest rate enables a buyer to pay more on the principal.So, off the cuff, a 50 year loan, would, I think, have to be a smaller interest payment, with a greater part of the payment going on the principal of the loan. We don't know what the interest rate would be.In the long run, if a buyer has to sell over losing a job, whatever, or dies 30 years later, the house would have accrued a far greater value on the market, and the bank, if they bought the house, could simply sell the house again, and maybe on a 20 year loan, they make even more money on the house.Without details and attempting legit reasoning, you only blow stinking smoke out of your tail feathers.I haven't even looked into it, but a 50 year mortgage at the same interest rate would be asinine in interest over the life of the loan. But, suppose it was a very low interest rate, a special rate set by the fed, for a 50 year loan -btw,"Rising lumber prices have been attributed to several factors, including trade disputes with Canada and increased demand during the pandemic. Critics argue that President Biden's policies and tariffs on Canadian lumber imports have contributed to these higher costs, impacting home construction and affordability."*******************************A friend bought her house, in a development, and to buy it a month later, it would have added 30,000 bucks to the cost of the home. So much for your liberal dem/lefting dei gov being a good idea.******************************so, the details of how it would work, are missing, and that matters as to how it might be a good idea or not. -
liar. prove it. go ahead, show us your REASONING why you made the claims.
@calfoxwc said:
no, what you did was to make vague allegations against it. No details, no legit justification for saying your nonsense.
you said:
"It's a terrible idea mainly because it does NOTHING to solve the housing cost issue."
*********************
why do you say that? How do you FEEL that it doesn't help solve the housing crisis? getting about 10 MILLION of your damn illegal aliens the hell out of our country would help solve the housing crisis !
*********************
It's just great for banks
*********************
Why do you say that? You don't know how it would work, what interest rates would be... you don't know jack about the subject.
*********************
You save a few hundred a month and add hundreds of thousands of dollars of interest to a mortgage you'll carry into your 80s or 90s. It's an absolutely absurd thing to propose, hurts the consumer, helps big banking, and does nothing to solve the underlying issue. "
*********************
this is more bloviated bs. You are ASSuming the current interest rate.
2 days agoJumbo Mortgage Rates Drop 0.83% The current average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) is 6.68%.*************************having said that, a 50 year mortgage rate would have to be a special rate, much lower. I don't know the calculations either, but I didn't start the thread, you did, stupid.We refinanced our home when the interest rates fell, and saved about $200,000 dollars in interest.We went to a 15 year loan, and paid it off way early. We paid off our 20 acres. A lower interest rate enables a buyer to pay more on the principal.So, off the cuff, a 50 year loan, would, I think, have to be a smaller interest payment, with a greater part of the payment going on the principal of the loan. We don't know what the interest rate would be.In the long run, if a buyer has to sell over losing a job, whatever, or dies 30 years later, the house would have accrued a far greater value on the market, and the bank, if they bought the house, could simply sell the house again, and maybe on a 20 year loan, they make even more money on the house.Without details and attempting legit reasoning, you only blow stinking smoke out of your tail feathers.I haven't even looked into it, but a 50 year mortgage at the same interest rate would be asinine in interest over the life of the loan. But, suppose it was a very low interest rate, a special rate set by the fed, for a 50 year loan -btw,"Rising lumber prices have been attributed to several factors, including trade disputes with Canada and increased demand during the pandemic. Critics argue that President Biden's policies and tariffs on Canadian lumber imports have contributed to these higher costs, impacting home construction and affordability."*******************************A friend bought her house, in a development, and to buy it a month later, it would have added 30,000 bucks to the cost of the home. So much for your liberal dem/lefting dei gov being a good idea.******************************so, the details of how it would work, are missing, and that matters as to how it might be a good idea or not. -
no, what you did was to make vague allegations against it. No details, no legit justification for saying your nonsense.
you said:
"It's a terrible idea mainly because it does NOTHING to solve the housing cost issue."
*********************
why do you say that? How do you FEEL that it doesn't help solve the housing crisis? getting about 10 MILLION of your damn illegal aliens the hell out of our country would help solve the housing crisis !
*********************
It's just great for banks
*********************
Why do you say that? You don't know how it would work, what interest rates would be... you don't know jack about the subject.
*********************
You save a few hundred a month and add hundreds of thousands of dollars of interest to a mortgage you'll carry into your 80s or 90s. It's an absolutely absurd thing to propose, hurts the consumer, helps big banking, and does nothing to solve the underlying issue. "
*********************
this is more bloviated bs. You are ASSuming the current interest rate.
2 days agoJumbo Mortgage Rates Drop 0.83% The current average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) is 6.68%.*************************having said that, a 50 year mortgage rate would have to be a special rate, much lower. I don't know the calculations either, but I didn't start the thread, you did, stupid.We refinanced our home when the interest rates fell, and saved about $200,000 dollars in interest.We went to a 15 year loan, and paid it off way early. We paid off our 20 acres. A lower interest rate enables a buyer to pay more on the principal.So, off the cuff, a 50 year loan, would, I think, have to be a smaller interest payment, with a greater part of the payment going on the principal of the loan. We don't know what the interest rate would be.In the long run, if a buyer has to sell over losing a job, whatever, or dies 30 years later, the house would have accrued a far greater value on the market, and the bank, if they bought the house, could simply sell the house again, and maybe on a 20 year loan, they make even more money on the house.Without details and attempting legit reasoning, you only blow stinking smoke out of your tail feathers.I haven't even looked into it, but a 50 year mortgage at the same interest rate would be asinine in interest over the life of the loan. But, suppose it was a very low interest rate, a special rate set by the fed, for a 50 year loan -btw,"Rising lumber prices have been attributed to several factors, including trade disputes with Canada and increased demand during the pandemic. Critics argue that President Biden's policies and tariffs on Canadian lumber imports have contributed to these higher costs, impacting home construction and affordability."*******************************A friend bought her house, in a development, and to buy it a month later, it would have added 30,000 bucks to the cost of the home. So much for your liberal dem/lefting dei gov being a good idea.******************************so, the details of how it would work, are missing, and that matters as to how it might be a good idea or not. -
no, what you did was to make vague allegations against it. No details, no legit justification for saying your nonsense.
you said:
"It's a terrible idea mainly because it does NOTHING to solve the housing cost issue."
*********************
why do you say that? How do you FEEL that it doesn't help solve the housing crisis? getting about 10 MILLION of your damn illegal aliens the hell out of our country would help solve the housing crisis !
*********************
It's just great for banks
*********************
Why do you say that? You don't know how it would work, what interest rates would be... you don't know jack about the subject.
*********************
You save a few hundred a month and add hundreds of thousands of dollars of interest to a mortgage you'll carry into your 80s or 90s. It's an absolutely absurd thing to propose, hurts the consumer, helps big banking, and does nothing to solve the underlying issue. "
*********************
this is more bloviated bs. You are ASSuming the current interest rate.
2 days agoJumbo Mortgage Rates Drop 0.83% The current average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) is 6.68%.*************************having said that, a 50 year mortgage rate would have to be a special rate, much lower. I don't know the calculations either, but I didn't start the thread, you did, stupid.We refinanced our home when the interest rates fell, and saved about $200,000 dollars in interest.We went to a 15 year loan, and paid it off way early. We paid off our 20 acres. A lower interest rate enables a buyer to pay more on the principal.So, off the cuff, a 50 year loan, would, I think, have to be a smaller interest payment, with a greater part of the payment going on the principal of the loan. We don't know what the interest rate would be.In the long run, if a buyer has to sell over losing a job, whatever, or dies 30 years later, the house would have accrued a far greater value on the market, and the bank, if they bought the house, could simply sell the house again, and maybe on a 20 year loan, they make even more money on the house.Without details and attempting legit reasoning, you only blow stinking smoke out of your tail feathers.I haven't even looked into it, but a 50 year mortgage at the same interest rate would be asinine in interest over the life of the loan. But, suppose it was a very low interest rate, a special rate set by the fed, for a 50 year loan -btw,"Rising lumber prices have been attributed to several factors, including trade disputes with Canada and increased demand during the pandemic. Critics argue that President Biden's policies and tariffs on Canadian lumber imports have contributed to these higher costs, impacting home construction and affordability."*******************************A friend bought her house, in a development, and to buy it a month later, it would have added 30,000 bucks to the cost of the home. So much for your liberal dem/lefting dei gov being a good idea.******************************so, the details of how it would work, are missing, and that matters as to how it might be a good idea or not.no, what you did was to make vague allegations against it. No details, no legit justification for saying your nonsense.
you said:
"It's a terrible idea mainly because it does NOTHING to solve the housing cost issue."
*********************
why do you say that? How do you FEEL that it doesn't help solve the housing crisis? getting about 10 MILLION of your damn illegal aliens the hell out of our country would help solve the housing crisis !
*********************
It's just great for banks
*********************
Why do you say that? You don't know how it would work, what interest rates would be... you don't know jack about the subject.
*********************
You save a few hundred a month and add hundreds of thousands of dollars of interest to a mortgage you'll carry into your 80s or 90s. It's an absolutely absurd thing to propose, hurts the consumer, helps big banking, and does nothing to solve the underlying issue. "
*********************
this is more bloviated bs. You are ASSuming the current interest rate.
2 days agoJumbo Mortgage Rates Drop 0.83% The current average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) is 6.68%.*************************having said that, a 50 year mortgage rate would have to be a special rate, much lower. I don't know the calculations either, but I didn't start the thread, you did, stupid.We refinanced our home when the interest rates fell, and saved about $200,000 dollars in interest.We went to a 15 year loan, and paid it off way early. We paid off our 20 acres. A lower interest rate enables a buyer to pay more on the principal.So, off the cuff, a 50 year loan, would, I think, have to be a smaller interest payment, with a greater part of the payment going on the principal of the loan. We don't know what the interest rate would be.In the long run, if a buyer has to sell over losing a job, whatever, or dies 30 years later, the house would have accrued a far greater value on the market, and the bank, if they bought the house, could simply sell the house again, and maybe on a 20 year loan, they make even more money on the house.Without details and attempting legit reasoning, you only blow stinking smoke out of your tail feathers.I haven't even looked into it, but a 50 year mortgage at the same interest rate would be asinine in interest over the life of the loan. But, suppose it was a very low interest rate, a special rate set by the fed, for a 50 year loan -btw,"Rising lumber prices have been attributed to several factors, including trade disputes with Canada and increased demand during the pandemic. Critics argue that President Biden's policies and tariffs on Canadian lumber imports have contributed to these higher costs, impacting home construction and affordability."*******************************A friend bought her house, in a development, and to buy it a month later, it would have added 30,000 bucks to the cost of the home. So much for your liberal dem/lefting dei gov being a good idea.******************************so, the details of how it would work, are missing, and that matters as to how it might be a good idea or not.Yeah that’s not the post if you’re trying to show how non-mindfucked you are.
Being mindfucked is kinda cool though.
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He's losing it
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woodpecker running and hiding from bloviated generalizations that have no legit reason behind it, just pecking and screwing around with every subject.
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woodpecker running and hiding from bloviated generalizations that have no legit reason behind it, just pecking and screwing around with every subject.
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