In this scenario, which is basically almost an interest-only loan, you don’t really own your home; you’re just renting it from the bank.
In this scenario, which is basically almost an interest-only loan, you don’t really own your home; you’re just renting it from the bank.
You will own nothing and be happy. You know, morons.
The federal government shouldn’t be involved in the private loan business, period.
Can additional payments be made on mortgages in the US? Here I can, and have. I effectively turned a 30yr mortgage into a 20yr one by occasionally making extra payments, from overtime, bonuses etc. The main method that worked was maintaining payments at the same level when interest rates dropped. Obviously when they went up I had no choice but over time this worked well.
Yes. My last mortgage was a nominal 30, paid off in under 8.
There is no sleep aid better than no mortgage. No car loan is a close 2nd.
Yes it can be turned into a 25 or even a 12.5 year mortgage by just pre-paying next month’s principal (25 year) or the next 2 month’s principal (12.5 year). For a 50 year mortgage, next month’s principal will amount to about 25 cents (exaggerating). Gets harder to do that as you go but then your income should be rising accordingly.
That’s what I did on my house and it was paid off in no time. Haven’t had a mortgage for decades.
The last I looked (several years ago), a number of loan companies would do zero-cost refinancing for a shorter period with a lower rate. I turned my 30 year loan into a 15 year loan and repaid it faster than that.
If one dies before a mortgage is paid up can’t one’s heirs finish paying off the mortgage and then own the house outright?
You can fix a market imbalance (and thus also the price) either by increasing supply or decreasing demand.
Increasing the demand for housing by making it appear to be more attractive to purchase a home with these extended terms is moving the right dial in the wrong direction.
Unless, of course, your goal is the continue to use affordable housing as a wedge issue and also pad the bottom lines of real estate investors and banks.