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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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50 year mortgage??!!!!!!!!
CNN link
  
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Posted 5/10/06 8:36 PM  |
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Prudential Douglas Elliman Real Estate
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
Just shoot me! lol
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| Posted 5/11/06 8:21 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: 50 year mortgage??!!!!!!!!
I saw this last month. People are nuts.
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| Posted 5/11/06 9:34 AM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: 50 year mortgage??!!!!!!!!
Posted by DjPiLL
I saw this last month. People are nuts.
i think it's more the banks are nuts
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| Posted 5/11/06 10:23 AM |
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anon
where's winter?
Member since 11/05 2209 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
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| Posted 5/11/06 10:39 AM |
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cloddy
Holiday 2011 photo
Member since 8/05 8088 total posts
Name:
Kristen
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Re: 50 year mortgage??!!!!!!!!
People in California have been doing these extended mortgages for some time now b/c the prices are soooo astronomically high out there.
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| Posted 5/11/06 10:44 AM |
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Eva Luna
Be kind...life's hard!
Member since 8/05 4750 total posts
Name:
God, bless & heal my DH, JenG's DH Rob & DebG
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Re: 50 year mortgage??!!!!!!!!
Apparently, as I was told by a neighbor, this is the "norm" in Japan because houses are astronomical.
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| Posted 5/11/06 10:48 AM |
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dgtlsunshine
LIF Infant
Member since 12/05 217 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
yikes
I guess you buy the home for the next generation to have
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| Posted 5/11/06 11:19 AM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: 50 year mortgage??!!!!!!!!
Actually, if you think about it...most people refinance anyway, so it's probably the same kind of thing. The property value would rise anyway, so you could pay down your mortgage after 20 years anyway.
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| Posted 5/12/06 12:02 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
if people are doing this loan to buy more house than they can really afford, they are screwing themselves. The rate is fixed for the first 5yrs-than its an ARM. The payments could go WAY up. It says right in the article its best for people that will sell in 5 years & are sure they are in a solid market. I think its a BAD idea. Now a fixed rate 50 might make sense for people that are buying property they know will remain in the family.
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| Posted 5/12/06 7:03 AM |
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SweetT
LIF Adult
Member since 4/06 1305 total posts
Name:
Ali
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Re: 50 year mortgage??!!!!!!!!
I completely agree. 50 years will lead to NO retirement.
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| Posted 5/12/06 10:43 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: 50 year mortgage??!!!!!!!!
Posted by Sassyz75
Posted by DjPiLL
I saw this last month. People are nuts.
i think it's more the banks are nuts
banks aren't nuts...the buyers are getting desperate
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| Posted 5/12/06 11:32 AM |
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Re: 50 year mortgage??!!!!!!!!
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| Posted 5/12/06 6:17 PM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
I don't see what the big deal is. I mean I wouldn't want to do it but the way I feel about my 30 yr mortgage is pretty much the same - no end in sight! And if you sell and move, forget it, another 30 yrs. So unless you buy a house that you plan to stay in for 30 yrs, I really don't see what difference it makes if your first mortgage is 30, 40, or 50 yrs. Well, besides the insane amount of extra interest you are paying.
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| Posted 5/12/06 8:04 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: 50 year mortgage??!!!!!!!!
Posted by BabyAvocado
I don't see what the big deal is. I mean I wouldn't want to do it but the way I feel about my 30 yr mortgage is pretty much the same - no end in sight! And if you sell and move, forget it, another 30 yrs. So unless you buy a house that you plan to stay in for 30 yrs, I really don't see what difference it makes if your first mortgage is 30, 40, or 50 yrs. Well, besides the insane amount of extra interest you are paying.
that is the point another 20 YEARS of payments and interest...
FORGET THAT...
there will be no way people will be able to keep their homes if they retire here...with our taxes so high
It is a BAD move....that desperate people are opting to do to own a home...
I would move out of state before doing that
Message edited 5/12/2006 8:13:40 PM.
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| Posted 5/12/06 8:12 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
this is the product of the regulators coming down on the originators of IOs, particularly that many are being underwritten to their teasers rather than the fully-indexed rate.
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| Posted 5/12/06 10:34 PM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
Posted by Redhead
that is the point another 20 YEARS of payments and interest...
FORGET THAT...
there will be no way people will be able to keep their homes if they retire here...with our taxes so high
It is a BAD move....that desperate people are opting to do to own a home...
I would move out of state before doing that
Oh I agree that it's a bad move. What I'm saying is that some people sell and/or refinance to the point that they end up making payments for 40 or 50 years anyway.
And yes...it is a desperate move but isn't it still better to own a home with a 50 yr mortgage, stay for 30 yrs, build up equity, cash out and retire with something...instead of renting for 30 yrs. All I'm saying is I can understand why desperate people resort to this type of mortgage and it doesn't surprise me that it's available.
But, you are probably right in that moving out of state is a better option than staying here with a 50 yr mortgage.
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| Posted 5/13/06 8:40 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: 50 year mortgage??!!!!!!!!
Posted by Redhead
Posted by BabyAvocado
I don't see what the big deal is. I mean I wouldn't want to do it but the way I feel about my 30 yr mortgage is pretty much the same - no end in sight! And if you sell and move, forget it, another 30 yrs. So unless you buy a house that you plan to stay in for 30 yrs, I really don't see what difference it makes if your first mortgage is 30, 40, or 50 yrs. Well, besides the insane amount of extra interest you are paying.
that is the point another 20 YEARS of payments and interest...
FORGET THAT...
there will be no way people will be able to keep their homes if they retire here...with our taxes so high
It is a BAD move....that desperate people are opting to do to own a home...
I would move out of state before doing that
I completely agree! I would move out of state well before I would ever consider a 50 yr mortgage!
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| Posted 5/13/06 8:55 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: 50 year mortgage??!!!!!!!!
IMO no it just isn''t better to own a home with a 50 year mortgage...
The house market is so fickle.. And although houses will alway appreciate....i just dont'' see it appreciating enough to be able to sell and make a decent profit in say 25-30 years...having still about half your mortgage still yet to pay back.
If it were me...if i were to go for the 50 year mortgage...and say in 30 years (retiring age for me) i have barely paid off half of that loan...So if i sell the home and make some money....A LOT of it will be used to pay off the loan...
Then what do i have? a meager profit to buy somewhere else...
Just not me...I just don''t see the sense in it...
Plus the entire country is slowly booming in different areas...
Places like Florida (the retirement state for us NYers) will be NO LONGER. All these hot spots will be just as outrageously insane as NY.
So i most likely will be forced to live in some remote hick town in Iowa to live out my golden years.....
SORRY I DON"T THINK SO....
eta...but this is just how i see it
Message edited 5/13/2006 10:07:20 AM.
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| Posted 5/13/06 10:06 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: 50 year mortgage??!!!!!!!!
Yes i always think itis better to own then rent....But in this case...i think i would opt to own somewhere else than take out a 50 year loan...
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| Posted 5/13/06 10:12 AM |
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kms717
St Philomena Protect My Son
Member since 2/06 2747 total posts
Name:
Kelly
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Re: 50 year mortgage??!!!!!!!!
And I thought our 30 year was going to take forever to pay off!!! No thanks to a 50 year, I'd rather leave NY!!!
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| Posted 5/15/06 10:41 PM |
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