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Message
Is there such a thing as a 40 or 50 year mortgage??
Posted on 8/18/24 at 6:05 pm
Posted on 8/18/24 at 6:05 pm
Would really like to buy a house that is way out of my price range. TIA
9
Posted on 8/18/24 at 6:21 pm to BigApple
Yes, but not offered by all lenders. Think it’s more of a loan modification but there may be someone out there that does them from the start with a higher rate.
shite I’m looking at buying a new home and I’m 43 so 30 years puts me at 73 if I don’t pay it off early. I guess you could enjoy it on a 40 year then downsize later if it’s not paid for.
Heck I’ve been looking since December and everything I like is outside my price range so I’m going to have to lower my wants or pay out the arse.
shite I’m looking at buying a new home and I’m 43 so 30 years puts me at 73 if I don’t pay it off early. I guess you could enjoy it on a 40 year then downsize later if it’s not paid for.
Heck I’ve been looking since December and everything I like is outside my price range so I’m going to have to lower my wants or pay out the arse.
This post was edited on 8/18/24 at 7:03 pm
Posted on 8/18/24 at 6:41 pm to BigApple
quote:
Would really like to buy a house that is way out of my price range. TIA
Why? Live within your means.
That’s about as dumb as the people buying new trucks on 84 month loans.
Posted on 8/18/24 at 7:06 pm to Lsut81
quote:I wouldn't compare a mortgage to an auto loan. Especially when rates were crushingly low 2 years ago, I would have loved to get a 50 year mortgage. Negative real rate financing where you can't get margin called with no prepayment penalties that is tax deductible? It's basically an asset and not a liability.
Why? Live within your means.
That’s about as dumb as the people buying new trucks on 84 month loans.
As long as the payment was affordable, it's the best of all worlds.
Posted on 8/18/24 at 7:08 pm to BigApple
quote:
Would really like to buy a house that is way out of my price range. TIA
Come on now spill the beans. What’s your current situation with housing and why are you wanting this certain house that’s out of your budget?
I moved for work and sold my house that I had custom built so I’m not really wanting to go backwards. Problem is everything I like doubles my old mortgage from $2590 to $5,200 to $6,000 a month.
Posted on 8/18/24 at 7:23 pm to BigApple
quote:
Would really like to buy a house that is way out of my price range. TIA
Don't. Buy a house within your price range.
Posted on 8/18/24 at 8:16 pm to Big Scrub TX
quote:
I wouldn't compare a mortgage to an auto loan.
The comparison is apt if you're looking at it as consumers stretching out payments for as far as they can in order to afford as expensive an item (whether house or vehicle) as possible.
quote:
Especially when rates were crushingly low 2 years ago, I would have loved to get a 50 year mortgage.
You would likely not be using such a long term in order to buy something you can barely afford even at that length, but rather you would likely use the lower notes to pay it off early.
8-year car loans, 15-year boat loans, 40-year home loans... all those do is help slowly ease consumers into being a sort of indentured servants (but never really working off their debt). For many, these are the kinds of plans which keep people like Dave Ramsey employed.
Posted on 8/18/24 at 8:42 pm to BigApple
What’s the point? 100k mortgage goes from $600/mo at 30 to 550/mo at 40 to 525/mo at 50 yrs.
Posted on 8/18/24 at 8:51 pm to lsuconnman
quote:
What’s the point? 100k mortgage goes from $600/mo at 30 to 550/mo at 40 to 525/mo at 50 yrs.
Damn it’s only 50 a month less? Yeah $500 less a month on a Mil is not worth it.
Posted on 8/18/24 at 10:53 pm to BigApple
Not really, at that point you are paying virtually no principal, so the bank would rather just do a five year interest only loan.
Posted on 8/19/24 at 7:52 am to BigApple
No there isnt.
Just go IO
Just go IO
Posted on 8/19/24 at 8:08 am to BigApple
quote:
Is there such a thing as a 40 or 50 year mortgage??
Coming soon
Posted on 8/19/24 at 8:19 am to boogiewoogie1978
I don't have a ton to add to this conversation, but it's funny the top two posts on MT are "I want a 15 year mortgage" and "I want a 50 year mortgage". And they say financial advisors are a rip off 
Posted on 8/19/24 at 8:56 am to Big Scrub TX
quote:
I wouldn't compare a mortgage to an auto loan. Especially when rates were crushingly low 2 years ago, I would have loved to get a 50 year mortgage. Negative real rate financing where you can't get margin called with no prepayment penalties that is tax deductible? It's basically an asset and not a liability.
This. Absolutely no reason to not get as long of a mortgage as possible. Just put a large principal only payment in with your regular payment. If times get tough, you can scale back your principal payment.
Posted on 8/19/24 at 9:39 am to Tigerfan14
quote:
This. Absolutely no reason to not get as long of a mortgage as possible. Just put a large principal only payment in with your regular payment. If times get tough, you can scale back your principal payment.
Well one reason not to get as long of a mortgage as possible is the homeowners insurance the lender requires from you.
Many in SELA would come out ahead with a paid off house and self insuring vs the ridiculous cost of insurance today.
Posted on 8/19/24 at 9:48 am to BigApple
over in europe, specifically nordic areas they have like 90-120 year mortgages.
Posted on 8/19/24 at 10:29 am to notsince98
quote:
over in europe, specifically nordic areas they have like 90-120 year mortgages.
Think Sweden finally put a cap on it, maximum of 105 years.
Banks said it would hurt the common man
Posted on 8/19/24 at 11:14 am to Miglez
I guess that’s area specific, because my home insurance in pretty inexpensive in North La
Posted on 8/19/24 at 12:27 pm to Bard
quote:With the significant difference that one of them is not a depreciating asset.
The comparison is apt if you're looking at it as consumers stretching out payments for as far as they can in order to afford as expensive an item (whether house or vehicle) as possible.
quote:No, I wouldn't. My goal with my current mortgage is to never pay it off. I have a 10-year IO ARM at <3%.
You would likely not be using such a long term in order to buy something you can barely afford even at that length, but rather you would likely use the lower notes to pay it off early.
quote:Nah. If one is even quasi-competent at investing, the gains are radical.
8-year car loans, 15-year boat loans, 40-year home loans... all those do is help slowly ease consumers into being a sort of indentured servants (but never really working off their debt). For many, these are the kinds of plans which keep people like Dave Ramsey employed.
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