5Oyr mortgage option for drivers?

[Box Ox]

I had a mortgage once (1972-1976)----for about 5 years. There was also a time when I had a car payment (about 1966)--for about 6 months. Never again.

Yeah but your house was probably like 1/3 your income.

My first house was 18,000. I made $6.75 an hour. If you want to do the math knock yourself out.

What year? I just might.

1972

OK. So $6.75 in 1972 would be worth $47.20 in 2022. $18,000 in 1972 would be worth $125,869.09 in 2022.

Sounds like you had a pretty sweet deal to me.

 

[DOK]

If you need 50 years of air for us maybe you need to go get something a little smaller

Was thinking this too but what if we’re talking San Diego or another overpriced area where nothing is under a half a million or so?

 

[IVE GOTTA PACKAGE 4U]

Was thinking this too but what if we’re talking San Diego or another overpriced area where nothing is under a half a million or so?

I don't know the answer to that one.
The interest on a 50 year loan would be astronomical

 

[Doing time]

A 50 year mortgage is a horrible idea regardless of circumstance.

 

[Over70irregs]

Was thinking this too but what if we’re talking San Diego or another overpriced area where nothing is under a half a million or so?

Prices are coming down but only because of higher rates.

 

[Over70irregs]

Real estate as a speculative asset and wealth building tool has completely screwed entire generations out of home ownership. I hope I live to see the day that RE is demonetized. Everyone deserves better. Everyone deserves sovereignty .

Housing is rolling over in residential. People trying to sell will be taking haircuts.

 

[IVE GOTTA PACKAGE 4U]

Was thinking this too but what if we’re talking San Diego or another overpriced area where nothing is under a half a million or so?

 

[Box Ox]

View attachment 391154

Yeah, but the average lifespan of a mortgage is under 10 years. And a person who might be interested in a 50 year mortgage is likely just looking for a way to be able to afford a place to live today. That it's far more expensive over decades doesn't matter so much to them right now.

 

[IVE GOTTA PACKAGE 4U]

Yeah, but the average lifespan of a mortgage is under 10 years. And a person who might be interested in a 50 year mortgage is likely just looking for a way to be able to afford a place to live today. That it's far more expensive over decades doesn't matter so much to them right now.

People need to find a way to live within their means

Just like getting the seven or eight year car loan

 

[Box Ox]

People need to find a way to live within their means

Just like getting the seven or eight year car loan

Everything is shooting up right now. Rent is also skyrocketing. Sometimes it's not just a matter of cancelling the Netflix account or having 15 cars.

 

[IVE GOTTA PACKAGE 4U]

Everything is shooting up right now. Rent is also skyrocketing. Sometimes it's not just a matter of cancelling the Netflix account or having 15 cars.

Agreed. People are getting out of college with record debt and not making a big money yet.

They may have to live at home for next year or two.

 

[Brownslave688]

I had a mortgage once (1972-1976)----for about 5 years. There was also a time when I had a car payment (about 1966)--for about 6 months. Never again.

Say you’re a boomer without saying you’re a boomer

 

[Box Ox]

Agreed. People are getting out of college with record debt and not making a big money yet.

They may have to live at home for next year or two.

Yep. A mortgage originator is typically gonna want to verify an income history of decent length either way.

 

[IVE GOTTA PACKAGE 4U]

Say you’re a boomer without saying you’re a boomer

No he's saying he lived within his memes yes I know times have changed right now but unfortunately everyone wants to live for them now and not think about the future

You got to have a little bit of balance

 

[IVE GOTTA PACKAGE 4U]

Yep. A mortgage originator is typically gonna want to verify an income history of decent length either way.

And you need to put some money down on that property

 

[Brownslave688]

Yep. A mortgage originator is typically gonna want to verify an income history of decent length either way.

500 credit score gets you a fha loan now.

Grocery store clerks can get vacation rental home loans based on expects rental income with no money down.

Just another bubble that’ll go pop eventually

 

[rod]

Say you’re a boomer without saying you’re a boomer

I've always lived within my means. Something that hasn't been practiced for a long time by the last few generations.

 

[clean hairy]

I've always lived within my means. Something that hasn't been practiced for a long time by the last few generations.

Due to so many of the younger generation wanting what the parents have worked years for, but they want the same things at the age of 25, and go into massive debt.

 

[IVE GOTTA PACKAGE 4U]

Due to so many of the younger generation wanting what the parents have worked years for, but they want the same things at the age of 25, and go into massive debt.

Blame the parents

 

[rod]

Due to so many of the younger generation wanting what the parents have worked years for, but they want the same things at the age of 25, and go into massive debt.

That and wasting lots of money running up student debt on stuff they will never work in or fields that don't pay well to begin with. .