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Personal Finance 3w
And 30 doesn’t? Mortgages(translates to death pledge) have always been insane.
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Personal Finance 4w
50 year mortgage has to be the most braindead idea I’ve ever heard
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6
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Anonymous 3w

It’s not a solution to any of the issues with housing costs and it only benefits banks that will ultimately foreclose on a significantly higher portion of 50 year mortgages. There’s a reason 30 year mortgages were made the max following the 2008 crash

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Anonymous 3w

Pretty drastic difference if you look at an amortization table. You’ll have nearly zero equity by year 20 on a 50 year mortgage. The difference in monthly payments is pretty insignificant between 30 and 50 but you’ll have a higher interest rate and likely spend more than you would just renting.

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Anonymous 3w

OP, if you think 30 years is too long, nothing is stopping you from taking out a 15

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Anonymous replying to -> #1 3w

I agree that 50 is way worse than 30. I however stand by my statement that 30 years is still/already way too long for a mortgage.

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Anonymous replying to -> OP 3w

50 is genuinely worse than renting when you factor in maintenance. Literally only good for the banks. 30 year mortgage isn’t ideal but if you’re in your early 30’s you can very reasonably pay it off well before the expected end date through pay increases and end of year bonuses.

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Anonymous replying to -> digiteratus 3w

100% or a 10 year or a cash deal or owner financing an irregular duration. Other options exist, that doesn’t mean that some of the options aren’t silly 🤷‍♂️

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