30, 35, and 50 year mortgages - GoFuckYourself.com

Drake · 03-28-2006, 12:40 PM

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.

Sosa · 03-28-2006, 12:45 PM

jesus people would be paying so fucking much in interest.

Black Dog · 03-28-2006, 12:47 PM

It's only because interest rates are still relatively low. They can't stay low forever and this market can't last forever!

B

Drake · 03-28-2006, 12:48 PM

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.

Eric · 03-28-2006, 12:51 PM

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.

SportsBook · 03-28-2006, 01:07 PM

Some countries in Asia have multi-generational loans.

Juicy D. Links · 03-28-2006, 01:09 PM

50 yrs? damn

xdcdave · 03-28-2006, 01:22 PM

50 years is damn excessive.

03-28-2006, 12:40 PM	#1
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	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.

03-28-2006, 12:47 PM	#3
Black Dog Confirmed User Join Date: Jan 2004 Location: Toronto, Earth Posts: 1,108	It's only because interest rates are still relatively low. They can't stay low forever and this market can't last forever! B __________________ Looking for a great program that converts ANY traffic? Me too! :-P

03-28-2006, 12:51 PM	#5
Eric Confirmed User Industry Role: Join Date: Dec 2000 Location: The Helm! Posts: 8,818	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. __________________ No One

03-28-2006, 01:22 PM	#8
xdcdave Confirmed User Join Date: Feb 2003 Location: North East Posts: 1,911	50 years is damn excessive. __________________

03-28-2006, 12:45 PM	#2
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	jesus people would be paying so fucking much in interest.

03-28-2006, 12:48 PM	#4
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	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.

03-28-2006, 01:07 PM	#6
SportsBook Confirmed User Join Date: Feb 2006 Location: Escazu Costa Rica Posts: 344	Some countries in Asia have multi-generational loans.

03-28-2006, 01:09 PM	#7
Juicy D. Links So Fucking Banned Industry Role: Join Date: Apr 2001 Location: N.Y. -Long Island -- Posts: 122,992	50 yrs? damn