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re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/3/23 at 2:54 pm to StringedInstruments
Posted on 4/3/23 at 2:54 pm to StringedInstruments
40 year mortgages are on the way
quote:
PORT ST. LUCIE, Fla. — This week the Federal Housing Administration gave the OK to 40-year mortgages. It's a move designed to try and make it easier for first-time home buyers.
"If it helps people get into a house, it's a good thing," Sonsire Gonzalez, a real estate agent in Port St Lucie, said.
The idea is to reduce monthly mortgage payments, which have been rising as mortgage rates go up.
Redfin.com reports over the last year, the average mortgage payment has risen 30% to a record $2,563 a month.
"Forty-year mortgage stretches out that payment over a longer period of time, so it makes for a lower payment, which is what a lot of buyers need right now," Gonzalez said.
Bankrate.com recently compared 30- and 40-year mortgages and found on a $312,000 loan at 6.85% interest, the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
quote:
The extra 10 years also added more interest, close to $170,000 more, but in the short term, experts said it can make a difference, especially since many homeowners hardly stay in one house for 30 or 40 years.
This post was edited on 4/3/23 at 2:57 pm
6
Posted on 4/3/23 at 3:15 pm to Shexter
quote:
the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
Holy shite
Posted on 4/3/23 at 5:31 pm to Shexter
quote:
Forty-year mortgage stretches out that payment over a longer period of time, so it makes for a lower payment, which is what a lot of buyers need right now," Gonzalez said.
Bankrate.com recently compared 30- and 40-year mortgages and found on a $312,000 loan at 6.85% interest, the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
So it's like dealing with car sales now, making it about the payment. If your only concern is with the payment and not the breakdown of that payment, you shouldn't even be buying a car.
Posted on 4/3/23 at 6:09 pm to Shexter
quote:damn the FHA is like a car salesman now
the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
Posted on 4/3/23 at 6:53 pm to Shexter
quote:
The extra 10 years also added more interest, close to $170,000 more, but in the short term, experts said it can make a difference, especially since many homeowners hardly stay in one house for 30 or 40 years.
Holy frick
Posted on 4/4/23 at 7:30 am to Shexter
quote:
40 year mortgages are on the way
Wife of a man I know works at a local credit union and they are doing 20 year boat loans. If a lender is lending $80K for 20 years on a pontoon boat they are dumber than a sack of hammers. 40 years on a house isn't nearly as bad an idea, as bad an idea as a 40 year mortgage is....
Posted on 4/5/23 at 10:14 am to Shexter
Along with the moronic logic and minimum price drop, if more people can afford homes, then of course supply / demand continues to push the prices up.
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