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Started By
Message
1
Posted on 11/12/25 at 11:33 am to cbree88
It’s an awesome idea if you’re on the lending side. Incredible idea
Posted on 11/12/25 at 11:35 am to SlowFlowPro
quote:
Have you never had a friend/acquaintance who was house poor?
Through my work I've seen PLENTY of examples of buying a house being a terrible decision for those people.
That's more of an indictment of the stupidity of the people you work with not the decision to actually buy a home
Posted on 11/12/25 at 11:37 am to WigSplitta22
But if it is a 2% Loan?
What could be the Harm?
What could be the Harm?
Posted on 11/12/25 at 11:42 am to Sunnyvale
quote:
But if it is a 2% Loan?
What could be the Harm?
Too many people live beyond their means and have zero savings and don't invest anything.
Posted on 11/12/25 at 12:10 pm to TheHarahanian
quote:
It’s an awesome idea if you’re on the lending side. Incredible idea
Agreed. Most borrowers wouldn't live to see their mortgage paid off unless they bought at high interest and then were able to refi for a shorter time period and at nearly historic lows.
A 50yr mortgage on a $200k home would end up with something like $500k in interest payments (assuming they ride it out over the entire 50yr period).
What such a timeframe would be most likely to do is to create an illusion of ownership while really getting people used to becoming lifelong debtors.
Posted on 11/12/25 at 5:43 pm to yellowfin
quote:
I probably wouldn’t figure a 20% down payment for someone financing a house for 50 years
True.
The numbers get even worse with lower down payments, though.
Posted on 11/13/25 at 6:33 am to cbree88
I remember the first time I used AI to write something for me too…
Posted on 11/13/25 at 6:47 am to billjamin
quote:
Mainly being that these will need either direct govt funding or at the very least a guarantee.
This worked out great for college education. Once the government backed student loans (Student Loan Reform Act of 1993) the costs of college education skyrocketed.
This post was edited on 11/13/25 at 7:03 am
Posted on 11/13/25 at 7:06 am to Violent Hip Swivel
quote:
the interest on a 500,000 dollar home
quote:
360k to 720K
Why is it not a bigger deal that we pay so much fricking interest on a home loan? I don't get why this seems to be accepted as the norm in this country. It's fricking insane.
Posted on 11/13/25 at 7:10 am to cbree88
Good. Pay more interest. Accumulate less equity.
Posted on 11/13/25 at 8:31 am to cbree88
Dumbest thing I have read today.
Let's enable people that spend more than they make to buy more things they can't afford.
Personally, I used a 30-year mortgage on my first house, and 15-year on every other. I have more money than I can spend in my lifetime. I'll stick with my judgement on mortgages.
Let's enable people that spend more than they make to buy more things they can't afford.
Personally, I used a 30-year mortgage on my first house, and 15-year on every other. I have more money than I can spend in my lifetime. I'll stick with my judgement on mortgages.
Posted on 11/13/25 at 8:38 am to UltimaParadox
quote:
, this will drive up home prices massively.
What do you mean? We've definitely seen stable car prices as the average loan term has increased.
Or are you suggesting that a $200 monthly reduction on a $400k mortgage is just going to encourage people to pay more for a house? Surely that won't happen.
Posted on 11/13/25 at 8:41 am to The Cow Goes Moo Moo
quote:you don’t think when you borrow someone else’s money to buy an asset when the only collateral is that asset which you don’t own, that you should pay a fee for that? If I asked you to loan me 500K, and you had it to loan, and I told you I would not compensate you in any way for that loan, and you wouldn’t get your money back for three decades, what would you say?
Why is it not a bigger deal that we pay so much fricking interest on a home loan? I don't get why this seems to be accepted as the norm in this country.
Posted on 11/13/25 at 8:45 am to WigSplitta22
quote:
Add the value of your home skyrocketing to that
Odds are your 2500k home isn't going to "skyrocket" in a 3 year period. If you keep a 50 year mortgage for 3 years, you are just renting the place but adding the closing costs x2, home owners, property taxes, possible realtor fees, repairs, etc. to the process. You are not coming out ahead in that situation.
I am very anti renting and encourage people to buy a house as early as they can, even if it's in a less than desirable neighborhood than they had in mind for first time buyers. But getting a 50 year mortgage and staying in it for a few years is just dumb.
Posted on 11/13/25 at 8:55 am to cgrand
quote:I don't think your post addresses the intent of his.
you don’t think when you borrow someone else’s money to buy an asset when the only collateral is that asset which you don’t own, that you should pay a fee for that? If I asked you to loan me 500K, and you had it to loan, and I told you I would not compensate you in any way for that loan, and you wouldn’t get your money back for three decades, what would you say?
He's not saying they shouldn't pay interest, he's saying when you see how much you pay in interest you shouldn't want this.
This post was edited on 11/13/25 at 8:58 am
Posted on 11/13/25 at 9:00 am to cgrand
You should absolutely have to pay a fee to borrow that money.
My first question is the amount of the "fee". I saw something earlier that you would end up paying something like $675k in interest on a $500k 30-year mortgage with a 6.5% interest rate. I realize the numbers aren't exact, but paying more money in "fees" than the amount that you are borrowing just seems insane to me.
That's not even considering the fact that the first few years of the loan, you are paying much more in interest than on the principal.
Just seems crazy that we are programmed to just accept the entire process.
My first question is the amount of the "fee". I saw something earlier that you would end up paying something like $675k in interest on a $500k 30-year mortgage with a 6.5% interest rate. I realize the numbers aren't exact, but paying more money in "fees" than the amount that you are borrowing just seems insane to me.
That's not even considering the fact that the first few years of the loan, you are paying much more in interest than on the principal.
Just seems crazy that we are programmed to just accept the entire process.
Posted on 11/13/25 at 9:15 am to 904
quote:
This 50 year mortgage stuff is peak insanity and stupidity.
no, it's just a reiteration of subprime mortgages, etc.... it's a gimmick, and it's like we've learned nothing from past failures of previous gimmicks
Posted on 11/13/25 at 9:29 am to The Cow Goes Moo Moo
what would be your alternative system?
Posted on 11/13/25 at 9:34 am to cbree88
quote:
The 50-year mortgage is a good idea actually
Good boy, bankers boots need to be licked more.
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