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I think this is a wonderful idea. You get to save some money per month, and when you die halfway into paying back your mortgage, your legacy lives on.
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Trump proposes 50-year mortgage
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Bradskii
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How in heaven's name is that going to work? Buy a house when you're 25 and you're still paying it off when you're 75? Who is going to take over the payments when you retire? Your kids'll probably be only half way through paying for theirs.
You'd get a little extra to put towards a house, but then so will anyone else doing the same, so everyone is spending more to get the same property.
This is probably a little too technical for Trump to understand, but to lower the cost of something, you supply more of it. You don't lend people more money to spend on it. Especially when it has to be paid back over a literal lifetime.
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This is honestly a terrible idea. The last thing we need is to give banks more interest money and have people not get any equity into a house.
Maybe everyone should just be provided with a free 1200 square ft home.
Maybe everyone should just be provided with a free 1200 square ft home.
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DaisyDay
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The only upside for consumers would be if there were no prepayment penalties. If you pay the lower amount for the first few years, then pay the loan off in 15 years, specifying that the overpayment goes towards the principal, this could be a good deal.
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Unfortunately a buyer does not save that much but they do pay an extraordinary amount of interest and the option of paying down your principle goes out the door. Homes are not appreciating like they used to so you're basically renting your home from the lender with all the responsibility of upkeep. Granted writing off the interest is helpful but one just needs to do the math to see what a bad idea this is in the long run.
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rambot
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On this surface this seems like no brainer dumb but im not an economist and have questions..
In canada we are able to change your amortization rate when you renew. Is that possible in the US?
As mentioned if there are Avenues to make principle payments easier that would be good.
This sadly appears 100% predatory though. But either you have to lower the price of a house or people need higher paycheques to afford houses. I don't think anyone's excited for those options.
In canada we are able to change your amortization rate when you renew. Is that possible in the US?
As mentioned if there are Avenues to make principle payments easier that would be good.
This sadly appears 100% predatory though. But either you have to lower the price of a house or people need higher paycheques to afford houses. I don't think anyone's excited for those options.
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essentialsaltes
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Apparently, Bill Pulte waved this image under Trump's nose, and 10 minutes later Trump was Truthing it out. White House staff are dismayed, as last-person-to-talk-to-him syndrome strikes again.
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Oompa Loompa
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I'm surprised he didn't go for 60 years to double up on Roosevelt.
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durangodawood
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probinson
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The only way this would be beneficial is if you took out the longer term to get lower monthly payments but paid more than your minimum payment. It would also depend on the interest rates for each term. Unfortunately, if this were an option, a lot of people would probably just pay the minimum and end up paying FAR more in interest.
Bonus tip: If you get paid bi-weekly, split your mortgage payment in half and pay half every other week. This will results in 26 half payments, or 13 full payments, meaning that you will make one full extra payment toward your principal each year. In my case, it will result in me paying off my 30-year mortgage in 22 years.
Bonus tip: If you get paid bi-weekly, split your mortgage payment in half and pay half every other week. This will results in 26 half payments, or 13 full payments, meaning that you will make one full extra payment toward your principal each year. In my case, it will result in me paying off my 30-year mortgage in 22 years.
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GoldenBoy89
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Well he did try but it appears water lilies have more rights than people in federal detention do.
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