If you got your morgage locked in at 18, right out of highschool. You would theoretically pay it off when you’re 68. Thats means no refinancing unless you wanna go back to your 50 or you can afford the closing costs again AND make enough to refinance on a 30? I guess. That or get ready to be making a payment you agreed to when you were 18 for the next 50 years. Ask students who got gnarly loans how thats going lol it suucks!
Does this also open the option to for a 15 yr car loan too?
Trashman56 on
50 Year Mortgages, Affirm for groceries, Care Credit for emergency room visits… Have you said thank you yet?
PaxUX on
And you wonder why half their country is like, “tell me more about this thing you call communism”
synthetic_aesthetic on
literally doing everything except addressing the root cause of the issue
SteveLouise on
Get 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage…
You have 5k of equity on a house that’s one million dollary-doos and you’re 68 with 50 years left on your mortgage.
Wheatleytron on
All this will do is further inflate the price of homes, ensuring that only companies and the wealthy can afford them.
kandradeece on
Fyi for those who don’t know, you can pay off loans early no matter the term. Still think this is a way to just make the rich richer, but if you have an unstable job, it could be beneficial to get a 50yr loan. Pay as much as you can when you can. Then lower payments during harder times.
YouDoHaveValue on
If they’re so good go ahead and offer them privately without government guarantees or subsidies.
All it’s gonna do is raise housing prices and get more people into houses they can’t afford to maintain or keep.
Rialas_HalfToast on
Jokes on them, the most likely generation to apply for them is the most likely to die before they’re paid off
_SasquatchPatrol on
The best part is you get to pay taxes to the government on the property the bank owns to pay off the interest from the government to the bank as a result of the government borrowing money from the banks. And the really neat part is the banks create money from nothing.
bellerinho on
You’re fuckin dumb if you take out a 50 year mortgage, I don’t know how else to explain it
If you can’t afford a 30 year mortgage, don’t buy a home. Save more until you can
11 Comments
If you got your morgage locked in at 18, right out of highschool. You would theoretically pay it off when you’re 68. Thats means no refinancing unless you wanna go back to your 50 or you can afford the closing costs again AND make enough to refinance on a 30? I guess. That or get ready to be making a payment you agreed to when you were 18 for the next 50 years. Ask students who got gnarly loans how thats going lol it suucks!
Does this also open the option to for a 15 yr car loan too?
50 Year Mortgages, Affirm for groceries, Care Credit for emergency room visits… Have you said thank you yet?
And you wonder why half their country is like, “tell me more about this thing you call communism”
literally doing everything except addressing the root cause of the issue
Get 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage, pay interest for 10 years, change houses and get a new 50 year mortgage…
You have 5k of equity on a house that’s one million dollary-doos and you’re 68 with 50 years left on your mortgage.
All this will do is further inflate the price of homes, ensuring that only companies and the wealthy can afford them.
Fyi for those who don’t know, you can pay off loans early no matter the term. Still think this is a way to just make the rich richer, but if you have an unstable job, it could be beneficial to get a 50yr loan. Pay as much as you can when you can. Then lower payments during harder times.
If they’re so good go ahead and offer them privately without government guarantees or subsidies.
All it’s gonna do is raise housing prices and get more people into houses they can’t afford to maintain or keep.
Jokes on them, the most likely generation to apply for them is the most likely to die before they’re paid off
The best part is you get to pay taxes to the government on the property the bank owns to pay off the interest from the government to the bank as a result of the government borrowing money from the banks. And the really neat part is the banks create money from nothing.
You’re fuckin dumb if you take out a 50 year mortgage, I don’t know how else to explain it
If you can’t afford a 30 year mortgage, don’t buy a home. Save more until you can