re: Still on the Learning Curve - 30 year mortgage better than 15 year mortgage?

In a 30yr fix the benefit of the loan (paying as much principle as interest) doesnt start till year 12-15

97%of the borrowing public readjust there mortgage every 5-7yrs so they never get the advantages of the loan

They just reammortize themselves.

Have you seen an amortization schedule?
Paying as much in interest sometimes more to borrow principle is a scam

Why is their balloons and confetti around the "30yr Rate of the day" when you walk into a bank

Do you think the Banks dont know these stats?

My favorite is the clients who before the implosion got a 30yr in the 4%. RATES WILL NEVER GET THIS LOW!! Im Never refing again! Is what I was told

Guess who called me when rates got in the 3's? Guess whose calling me again since values have gone up and the kids are going off to school so they need cash and rates are still kinda low?

So now these clients have refied 3 times in 10yrs paid costs, got nowhere and then Neg Am'd themselves by taking cash out

But the Option Arm was the worst of all loans and the reason for the implosion

30yr fix is a Vicious cycle and a scam