Federal Housing Administration greenlights 40-year mortgages

[Uachet]

Yeeeeea they were talking about this in the UK last year and every noted how means everything’s becoming too expensive for the average person, but not that it’s being introduced here this is supposed to be great ?

The US has protection against this. They run out and call it socialism and anti-American to point the problems out. They then get over 40% of the population to go along with it, championed by the Republican party. Oh, but the Democrats are no better. Instead of focusing on the real issues concerning the economics of the country, the party is more focused on overblown issues. Yet, both parties agree on issues of sending money across seas and both parties are beholden to corporations in equal measure.

In order to get a real discussion on the issues going, a new party created around the economic viability of the US needs to be created. One that focuses on the financial issues the masses of the people face, without adding issues that can easy be used to distract the easily distractable (which seems to be most humans).

 

[Typical Knicks Fan]

 

[CBalla]

“Bankrate.com recently compared 30- and 40-year mortgages and found on a $312,000 loan at 6.85% interest, the monthly payments were $2,044 for 30 years and $1,904 for 40 years. “


$140 bucks saved whoopty doo

 

[BigMan]

More interest tho

 

[Phitz]

so you'll never own the house, actually you never own the hosue anyway, property taxes make sure of that, now this...

 

[CouldntBeMeTho]

This means interest rates will only get higher

I'd like to. know how much more interest thatv10 years comes out to

 

[Sad Bunny]

This means interest rates will only get higher

This.

 

[The ADD]

Most people never pay off their mortgage anyway so adding an extra 10 years to lower your payments is great for those that need it.

^^^

 

[Stuntone]

Be 80 years old still paying down your mortgage.

 

[neph27]

You won't own anything and you'll like it

 

[10bandz]

I'd like to. know how much more interest thatv10 years comes out to

Wtf it’s in the article nikka

 

[CouldntBeMeTho]

Wtf it’s in the article nikka

Thread title reader here

 

[klientel]

Saving $100-200 could be big for someone check to check. Now whether someone should be getting into a mortgage if they are in bad financial shape is a completely different discussion and irrelevant to this topic.

But lets be real, the average lifespan of a mortgage is less than 10 years. So saving money short term is alot more important for some people than the interest over the life of the loan.

 

[MajesticLion]

Kicking the can down the road, it's the American Way

 

[GzUp]

I got a 15 year loan, fukk all that