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Why on earth would someone have to resort to a 50 year mortgage? You will be dead before it's paid off! Then again I hate mortgages period. If it can't be paid off in 15 years, your income is deficient or home prices are way too high.
Why on earth would someone have to resort to a 50 year mortgage? You will be dead before it's paid off! Then again I hate mortgages period. If it can't be paid off in 15 years, your income is deficient or home prices are way too high.
Tallrick, read this article... it's probably the most personally influential article I've ever read regarding real estate. It's not short, but it gives an insight to what you've stated. http://www.realgroup.com/Asset_Manag...g-Mortgage.pdf
I've been in the business for some time, and this solidified my outlook towards investing in general when it deals with real estate.
Isn't the money they lend you earned by them as well? The only difference is that they are highly successful investors, and have tons of money to lend. There are many singular investors who own loans they bought on the 2ndary market, and simply pay a company like Countrywide to service them.
All I wanted to point out is that people don't give money away for free. It's only logical that you have to pay for money you don't have in the form of the finance charge of a loan. It's exactly the same as us investing our "hard earned" money into the market or a savings account.
You might wanna dig a little deeper into the financial matters in this country...
You might wanna dig a little deeper into the financial matters in this country...
I realize that money and economy is ridiculously detailed in all facets...Far more than I am capable or interested in understanding... I really just simply meant that people can't expect to get money for free. We wouldn't give strangers free money, so why should we expect strangers to give us free money?
I really just wanted to point out that 30 years is a VERY long time, so it only makes sense for interest over that time to cost so much.
As far as my personal standpoint, I'd love it if someone cut me slack on my mortgage
I realize that money and economy is ridiculously detailed in all facets...Far more than I am capable or interested in understanding... I really just simply meant that people can't expect to get money for free. We wouldn't give strangers free money, so why should we expect strangers to give us free money?
I really just wanted to point out that 30 years is a VERY long time, so it only makes sense for interest over that time to cost so much.
As far as my personal standpoint, I'd love it if someone cut me slack on my mortgage
UseJeff, was gonna give you a link that reads like a fairy tale, but decided to spare you the headache. I wish I didn't know. Ignorance IS bliss! Then again, if the majority were not so blissfully disinterested, maybe we weren't gonna be in the situation we are now.
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