Comments on: 50-Year Mortgages http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: CommRE http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-137958 CommRE Tue, 26 Feb 2008 15:26:52 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-137958 @ Samantha - "I cannot bring myself to believe that banks as well as lending institutions do not have the economy’s best interests at heart." Do you now believe that banks and lending institutions do not have the economy's best interest at heart?? :) @ Samantha – “I cannot bring myself to believe that banks as well as lending institutions do not have the economy’s best interests at heart.”

Do you now believe that banks and lending institutions do not have the economy’s best interest at heart?? :)

]]> By: Hamburger Flipper http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-96330 Hamburger Flipper Fri, 11 May 2007 06:11:44 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-96330 If free enterprise and capitalism are all about prospering - and if we actually had free enterprise in the housing sector - lower income people would be able to buy small houses on postage-stamp lots. If free enterprise and capitalism are all about prospering – and if we actually had free enterprise in the housing sector – lower income people would be able to buy small houses on postage-stamp lots.

]]> By: Anonymous http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-90321 Anonymous Thu, 29 Mar 2007 23:22:39 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-90321 50 year home mortgages in the UK have yet to come out. I'm not sure I would want one with that long of a term. 50 year home mortgages in the UK have yet to come out. I’m not sure I would want one with that long of a term.

]]> By: Samantha http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-77351 Samantha Wed, 10 Jan 2007 15:12:26 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-77351 If free enterprize and capitalism is all about prospering all for the betterment of the whole then I would hope that financial institutions who provide mortgages would allow for more flexiblity with respect to mortgage rates and their calibrations and/or configurations/calculation. I believe the best mortgage is one where rates allow more people to own their own home in full as quickly as possible. It goes without saying that the more disposable income we all have the more lending institutions earn as well. I feel 50 year or longer mortgages are only a viable consideration if the rates are kept at under 3% for the first 30 years and then increased by 2% for the next 20%. I cannot bring myself to believe that banks as well as lending institutions do not have the economy's best interests at heart. In conclusion creating a prosperity consciousness benefits all for the betterment of the whole, which results in maximizing those factors which enrich the economy. If free enterprize and capitalism is all about prospering all for the betterment of the whole then I would hope that financial institutions who provide mortgages would allow for more flexiblity with respect to mortgage rates and their calibrations and/or configurations/calculation. I believe the best mortgage is one where rates allow more people to own their own home in full as quickly as possible. It goes without saying that the more disposable income we all have the more lending institutions earn as well. I feel 50 year or longer mortgages are only a viable consideration if the rates are kept at under 3% for the first 30 years and then increased by 2% for the next 20%. I cannot bring myself to believe that banks as well as lending institutions do not have the economy’s best interests at heart. In conclusion creating a prosperity consciousness benefits all for the betterment of the whole, which results in maximizing those factors which enrich the economy.

]]> By: Mortgage Calculator King http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-71036 Mortgage Calculator King Tue, 21 Nov 2006 14:00:30 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-71036 I personally think that the govenment should step in here a mortgage company should not be allowed to earn that much interest per customer. And who is going to be allowed these fifty year mortgages are they only available to those under 25, if not how are you expected to pay your mortgage off once youve retired unless of cause the decide to reposess your propety to reclaim there (supposed) losses which leaves the customer up a creek with out a paddle and ready for the retirement village and with nothing to leave there descendants other than the advise not to get a fifty year mortgage I personally think that the govenment should step in here a mortgage company should not be allowed to earn that much interest per customer.

And who is going to be allowed these fifty year mortgages are they only available to those under 25, if not how are you expected to pay your mortgage off once youve retired unless of cause the decide to reposess your propety to reclaim there (supposed) losses which leaves the customer up a creek with out a paddle and ready for the retirement village and with nothing to leave there descendants other than the advise not to get a fifty year mortgage

]]> By: » The Week In Review » Consumerism Commentary: A Blog About Personal Finance http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2799 » The Week In Review » Consumerism Commentary: A Blog About Personal Finance Fri, 12 May 2006 14:56:51 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2799 [...] Jim from Blueprint for Financial Prosperity writes about 50-year mortgages, of which I am not a fan. [...] [...] Jim from Blueprint for Financial Prosperity writes about 50-year mortgages, of which I am not a fan. [...]

]]> By: Flexo http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2783 Flexo Thu, 11 May 2006 20:45:23 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2783 I'm not convinced. People would get 100-year mortgages if they were readily available and they lowered monthly payments. That doesn't make it a "good idea" from a personal finance standpoint. Look at those interest expenses! Great for banks and lenders, but very, very bad for everyone else. It's a free world. Companies will continue to offer bad ideas, and people will continue to eat them up without consideration of the consequences. I’m not convinced. People would get 100-year mortgages if they were readily available and they lowered monthly payments. That doesn’t make it a “good idea” from a personal finance standpoint. Look at those interest expenses! Great for banks and lenders, but very, very bad for everyone else.

It’s a free world. Companies will continue to offer bad ideas, and people will continue to eat them up without consideration of the consequences.

]]> By: For Sale by Owner Center http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2782 For Sale by Owner Center Thu, 11 May 2006 20:10:41 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2782 It's really not that bad. Consider that most people refinance every 3-8 years anyway, constantly recasting their loans for another 30 years. Either a 30 year, 40 year or 50 year does not make a difference because any equity built up via the amortization scheduled is spent in refinance costs anyway. The reality is, when people obtain a mortgage, they are looking the the maximum amount possible, for a fixed rate mortgage... longer amortization means bigger loan amount. Also keep in mind, lenders are rolling this out, to save all of those people on 2/28 interest only loans that are coming due. It’s really not that bad. Consider that most people refinance every 3-8 years anyway, constantly recasting their loans for another 30 years. Either a 30 year, 40 year or 50 year does not make a difference because any equity built up via the amortization scheduled is spent in refinance costs anyway. The reality is, when people obtain a mortgage, they are looking the the maximum amount possible, for a fixed rate mortgage… longer amortization means bigger loan amount. Also keep in mind, lenders are rolling this out, to save all of those people on 2/28 interest only loans that are coming due.

]]> By: Flexo http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2750 Flexo Wed, 10 May 2006 18:20:06 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2750 The first example is a 30 year mortgage. I'll edit the post to include that piece of info. The first example is a 30 year mortgage. I’ll edit the post to include that piece of info.

]]> By: Inchoate Random Abstractions http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2749 Inchoate Random Abstractions Wed, 10 May 2006 15:41:14 +0000 http://www.consumerismcommentary.com/2006/05/10/50-year-mortgages/#comment-2749 In your first example, are you using a 15 or 30 year mortgage? In your first example, are you using a 15 or 30 year mortgage?

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