Federal Housing Administration greenlights 40-year mortgages

[Spence]

The real move needs to be finding cheaper shytty apartments in the hood and toughing it out living WELL below your means until you have the right assets to afford a dream home.

That’s what me and my wife did and we still got lucky finding a foreclosure that was a no brainer to invest in.

 

[Swirv]

If you plan on paying the mortgage off early then the lower monthly mortgage payment is worth it.

 

[Kyle C. Barker]

Looks like we hit an inflection point because this is the only way homes can continue to appreciate.

 

[CrimsonTider]

I got a 15 year loan, fukk all that

L

 

[beenz]

Saves you $140 a month but adds $170k to the life of your loan

I'm sure it charges u more interest, and they can collect PMI much longer.

 

[Leasy]

Unfukking believable... Americans might have to start rioting in these streets. These banks basically run the country. This shyt is going to put more people in debt and create a balloon of problems. I can see this being the new red zoning

 

[ORDER_66]

 

[desjardins]

The way housing prices and inflation looking I feel like you end up with a "deal" 10 years into the mortgage anyway, so imagine 40 yrs. Some one could be paying 1983 mortgage prices for a crib right now if they had a 40 yr joint. It's still way more interest and money added on but might not be as bad as it seems

 

[vino]

Saves you $140 a month but adds $170k to the life of your loan

Most people refinance within 3 to 5 years of the mortgage. They will never add that amount of interest. The market will more than likely drop and they will refi out of the 40.

 

[Womb Raider]

Unfukking believable... Americans might have to start rioting in these streets. These banks basically run the country. This shyt is going to put more people in debt and create a balloon of problems. I can see this being the new red zoning

Americans should’ve BEEN rioting in the streets…how TF are ppl living these days? Inflation is ridiculous on everything!

 

[vino]

I disagree. One of the main reasons to purchase a home is to be able to pass it on after death. A 40 year mortgage loan helps make that 62% who are not paying the mortgage off grow even higher, which is a benefit to no one but the banks. The banks who can then turn around and make money on the home again, parceling out another 40 year mortgage.

Majority of new homebuyers are first time home buyers. They more than likely will be selling that home anyway. Very rare that someone keeps a mortgage maturity. They will refi to a lower rate and term, as the market shift.

 

[levitate]

Raw.

 

[Astroslik]

If you cant pay off your home in 15 years then you shouldn’t be buying (unless you know that you will leave the house after some years).

 

[Astroslik]

I got a 15 year loan, fukk all that

why not just get a 30 and double the payments?

 

[Gloxina]

They would riot in France, but here in the United States.

Crickets.

Then will want to get mad when it all falls apart.

Yep. We’ll probably have to get outta here before it gets too crazy. The American populace is heavily distracted. Which is how they want us