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Discuss what's fucking going on, and which programs are best and worst. One-time "program" announcements from "established" webmasters are allowed. |
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#1 |
Hello world!
Industry Role:
Join Date: Mar 2003
Posts: 12,508
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30, 35, and 50 year mortgages
Is this going on in your area? Apparently this is one of the reason why prices continue to rise and are still being bought at record levels. People could no longer afford to buy under 25 year terms so mortgage terms are now being extended to accomodate them.
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#2 |
In Tushy Land
Join Date: Oct 2002
Location: Nebraska
Posts: 40,149
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jesus people would be paying so fucking much in interest.
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#3 |
Confirmed User
Join Date: Jan 2004
Location: Toronto, Earth
Posts: 1,108
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It's only because interest rates are still relatively low. They can't stay low forever and this market can't last forever!
B
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Looking for a great program that converts ANY traffic? Me too! :-P |
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#4 |
Hello world!
Industry Role:
Join Date: Mar 2003
Posts: 12,508
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Yeah, with a $300,000 mortgage at current rates you'll pay approx. $580,000 over 25 years. The same mortage at 35 years, you'll pay $712,000.
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#5 |
Confirmed User
Industry Role:
Join Date: Dec 2000
Location: The Helm!
Posts: 8,818
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Do you all really think that these people will be staying in the same home for the full term of the loan?
The idea is for people to buy these homes get into the loan with a 3 to 5 year must keep, based on pre payment penality and then get out and take the gains and move on to a larger home. No one stays in their home forever anymore. People move on to bigger and better, or refi.
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No One |
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#6 |
Confirmed User
Join Date: Feb 2006
Location: Escazu Costa Rica
Posts: 344
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Some countries in Asia have multi-generational loans.
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#7 |
So Fucking Banned
Industry Role:
Join Date: Apr 2001
Location: N.Y. -Long Island --
Posts: 122,992
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50 yrs? damn
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#8 |
Confirmed User
Join Date: Feb 2003
Location: North East
Posts: 1,911
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50 years is damn excessive.
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