U.S. CitiesCity-Data Forum Index
Happy Easter!
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-27-2007, 12:20 AM
 
Location: Heartland Florida
9,324 posts, read 23,240,783 times
Reputation: 4895

Advertisements

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.
Reply With Quote Quick reply to this message

 
Old 08-27-2007, 12:45 AM
 
Location: California
510 posts, read 2,969,267 times
Reputation: 383
Quote:
Originally Posted by tallrick View Post
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.
Reply With Quote Quick reply to this message
 
Old 08-27-2007, 05:02 PM
 
Location: Tucson
42,837 posts, read 77,141,560 times
Reputation: 22814
Quote:
Originally Posted by UseJeff View Post
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...
Reply With Quote Quick reply to this message
 
Old 08-27-2007, 07:21 PM
 
Location: California
510 posts, read 2,969,267 times
Reputation: 383
Quote:
Originally Posted by sierraAZ View Post
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
Reply With Quote Quick reply to this message
 
Old 08-27-2007, 09:37 PM
 
Location: Tucson
42,837 posts, read 77,141,560 times
Reputation: 22814
Quote:
Originally Posted by UseJeff View Post
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top