Thread 521215761

the talk around 50 year mortgages has truly revealed the mentally retarded, cattle-like, monthly-payment-brained tendencies of a LOT of "people."
>erm umm saving $200/month on a mortgage but paying the bank 50% more in interest payments is a good thing, actually, because that $200/month can be used to qualify for even more debt

>>521215761 (OP)
>i will never qualify for a 30 year mortgage
>a 50 year option is now available
>i will complain about it
this is what they sound like

>>521215761 (OP)
I wonder if you could get a house with one of these 50 year loans and then sell it to a drug dealer for cash and leave the country. and then just never pay back the loan ever.

>>521215761 (OP)
credit niggers are the lowest form of barely sentient human existence

>>521215850
if you're looking at a $300k mortgage and what's holding you back is qualifying for a $2k/mo mortgage (30 year) vs. a $1.8k/mo mortgage (50 year), you have no business buying a home because you can't afford it either way. $200/mo is a rounding error to anyone who can actually afford home ownership.

>>521215761 (OP)
I honestly haven't seen a single person irl or online praise it. It's fucked. Why is Trump so intent on fucking everything up? This is far more dissapointint than his first term.

>>521216118
>exactly

If you don’t like gay marriage don’t get gay married

>>521216370
nonsensical analogy. gay marriage somewhat exists in a vacuum. 50 year mortgages expand the credit markets and drives up costs for homes for everyone: higher insurance and property tax costs for existing debtors/owners and higher purchase prices for prospective debtors.

>>521215850
You do realise this is only going to result in the banks and boomers squeezing even more blood out of everyone, right?
This is a direct result of everyone already being absolutely tapped out with housing costs
>sir we can't squeeze the goyim any harder!
>they've got no more shekels left!
>>squeeze them for longer then (rubs hands)
The 30 year mortgage used to be contentious. Now everyone is paying as much as physically possible for 30 fucking years. Soon you'll be paying 60% of your paycheck for 50 fucking years.

>>521215761 (OP)
Almost like everyone bitching about is living in a static market. Learn what refi is Jesus fucking christ. You shouldn't be buying in this market anyway.

>>521216279
Apparently the White House was “shocked” by the negative response to it, they’re actually out of touch

>>521217157
>This is a direct result of everyone already being absolutely tapped out with housing costs
golly fucking gee i wonder when that started

>>521215761 (OP)
>be born american
>$30k in debt from birth process
>your parents spend $2k a month sending you to daycare
>health insurance for your is $600 a month
>go $800 in debt for your school lunches every year
>get braces for $7000 and finance them
>get your first car $20,000 car loan
>get that netflix/spotify/internet subscription
>go to college and finance $150k
>also $40k a year for room and board
>go to buy an $800k house
>get outbid by jeet paying cash

i’m tired hitler

>>521217164
>learn what refi is

you're a moron. if you can't afford 30 year terms and 50 year terms are your cope, you need to bring down principal in order for a refinance to work. as an example,

$300k mortgage @ 6.5%.
5 years into 30 year term: $20k principal
5 years into 50 year term: $5k principal

let's bump it up to 10 years.
10 years into 30 year term: $46k principal
10 years into 50 year term: $11k principal

>>521217405
don't forget the 30 year mortgage with insurance, property taxes, and maintenance, or paying rent

>>521215761 (OP)
It seems pretty minor since you literally don’t need to take the 50 year mortgage . If anything it would be a good idea to take the 50 year one and pay off more than necessary every month

>>521216118
This.
The monthly payment that's only $200 less will do nothing for affordability. There isn't really anyone who is $200/month away from buying a house. With how much houses cost, if that $200 means a lot to you then you most likely cannot afford to be buying a house.

Imagine being willing to make monthly payments for an additional *TWENTY YEARS* just to save $200/month.

A 50 year mortgage means making monthly payments until you die, and never owning the house outright

>>521217797
see >>521216942. people like you are the reason why new vehicles are $40k+.
>uhh if you don't want to take out a 7 year loan on a car just don't do it!!!!
>how come cars and car insurance is so expensive????

>>521216942
>Gay marriage exists in a vacuum
>how does the physical and mental well being of society affect you in any way??
Look guys he did the meme

>>521217279
>out of touch
No shit. The "elites" have fucked over people so badly that the "elites" are having a hard time finding marks who are happy to be taken advantage of.
>unlimited LEGAL immigration
>50 year mortgages
Trump thinks this is MAGA

>>521218372
get out of my thread you mentally retarded nigger faggot.

>>521218071
bro you can just do a couple of shifts doing doordash or grocery delivery and can make up for the $200

>>521215761 (OP)
Loans are like guns in that you'd rather not need them, but they're important to have when you do need them.

The core issue however is why you have need of them.

>>521219049
Exactly. A person would have to be retarded to take an extra 20 years because they don't want to doordash a couple nights a month. Literally just do doordash a couple times a month and you don't need to add 20 years to it

>>521219381
...You realise you can pay it off earlier if you so desire to?
Using that 200/m to invest allows you to do that yet quicker than the doordashing would.

Yeah it's bad. Anybody who signs a 50 year mortgage is mentally retarded.

>>521217405
/threading and keking.

>>521219680
>...You realise you can pay it off earlier if you so desire to?
see >>521216942.

also you're an idiot. $200/mo invested at 7% inflation adjusted returns is fuck all.

>>521219680
hi rabbi

telling gullible people "you can always pay it off early" is the first thing care salesman learn, not falling for this one

>>521215850
>the US is slowly turning into Canada in all things, despite having more land to actually build on and a (((Free Market)))
it's kind of funny watching people defend the 50yr mortgage shit. Trump already defended infinite jeet works, so I guess I'm not shocked. Canada is America's future I guess.

>>521217651
The vast majority of home buyers have no idea what an amortization table is. Stupid buyers will be absolutely fucked taking the 50 year mortgage unless we see sub 2% mortgages. At this point I don't care any more, you have an infinite amount of knowledge in your pocket via your phone and if you can't be bothered to learn simple finances then you deserve to be a forever renter which is what these loans really are.

>>521217405
>get routine consultation about a kidney stone.
>oy vey that will be $500, plus tip, also you need to get an ultrasound
>yep, you have a stone
>that will be annudda $500 dollars plus tip
>also you need to get it removed, no?
>um, we the ultrasound provider tried billing your insurance but they denied your claim, here's anothe $1k bill
>go to have stone removed
>get at least +3 more bills from every provider + the operating room provider that total to a few grand

the US healthcare system is the most satanic bullshit I ever experienced. thank god I"m not a poorfaggot, holy shit.

>>521215850
>Defending the kike bankers on /pol/
/pol/ sucks now

>>521220478
I literally just did that myself, what's preventing you from doing so?

>>521220827
oh ya, and I forgot the extra for the urine culture to make sure you don't have an infection too. add in another hundred.

>>521215761 (OP)
JUST take the mortgage you bigot the banks NEED your hard-earned money for the free interest they collect AND YOU WILL BE HAPPY to pay it off at 70 years old

>>521215850
if you dont qualify for a 30yr mortage what makes you think you will qualify for a 50yr one? there is the risk you wont pay because will may die before

>>521220914
in my case, I got one of those scam "0%" loans, so paying early did fuck all. the actual premium was baked into the sale price they were willing to sell it to me for, which you still have to play jewish bartering games in the US at your local dealershit.

>>521221106
Sounds like your issue is retarded mortgages, not per se 30 yr versus 50 yr mortgages.

Always read the fine print, or get a lawyer-ish dude to read it for you.

>>521215761 (OP)

You sound like such a fucking 9 to 5 wagie

First off, from a textbook pov, mortgages have very low interest rates. With a low enough interest rate, it is in your best interest to loan as much as possible for as long as possible.

Secondly and most importantly, if you want to be debt free you are unironically cattle. 50 year old mortgages are actually better for playing the system. I know you or someone will say or think:

>what?? nah man you have to escape the matrix!! be debt free, dont pay interests to kikes!! be your own master!!

That's cool but let's look beyond the surface.

If you get the 50 year mortgage you get a better home and a better life by virtue of having more disposable income.

Furthermore, if there's a war and a draft that you have to escape (unless you're legit cattle), or socialism takes over the country (not Joe Biden's socialism, the real deal that makes people starve), or niggers move into your neighborhood, it's over, you worked for nothing. In those escenarios in which property loses all its value, wouldn't it be a smarter idea to have it be the bank's problem?

>>521221385
>You sound like such a fucking 9 to 5 wagie
sorry about this I thought I was posting on r9k

>>521216942
>Insurance
I didn't even think of this. Either mortgage insurance is going to be mandatory or your policy will need to be expanded from 1.5-1.75 times property value to 3 or 4 times value to account for the loan attached to the property. You could theoretically have a total loss fire and be 400k upside down still on the loss after the insurance payment. There will also be a metric fuckton of exclusions coming down the pipe line, because at least there is UL and FM testing to support 30 year product longevity for a lot of stuff.

>>521221229
reading contracts is meaningless. as a wage cuck loser, you have zero power to negotiate them. Any complaints will be rebutted with, "it's the company standard contract" or just "everyone does it" and they'll refuse service. pretending reading contracts matters is boomer midwit cope. you sign like a good bitch, because you dont' have a choice either way. I'm sick of this bullshit world.

>>521215761 (OP)
Having a mortgage is the new middle class. Why not have it for life?

>>521221511
*But not for 50 year lifespans. I can't see ANY new construction house lasting for 50 fucking years.

>>521221537
Hitler was right

>>521215761 (OP)
The dollar will devalue over time. Regular people in 30 years will be making 1 million USD a year. So your 1 million USD mortgage today is kind of a moot point.

>>521215761 (OP)
Trump is a retard

>>521220827
>hey uhhh the janitor who mopped the operating room floor was out of network so here's another $3k bill
>(the janitor makes $14/hour and works for an external contracting firm, not even a hospital employee)
>(billing department didn't notify you until it's 3 days past due)
>(they already sent it to collections)
>(your goyscore just dropped 300 points)

>>521221646
>the more loans you have the more money you make
>the more you buy the more you save

>>521215761 (OP)
> >erm umm saving $200/month on a mortgage but paying the bank 50% more in interest payments is a good thing,
I wouldn't want a 50 year mortgage but saving US200 a month would make quite a difference actually. Someone will make it work.

>>521221725
kek. I want this to actually happen. it's too powerful. do you think paying for the jannie's time with an HSA is valid?

>>521221385
>get a better home
a $300k plywood box inflates to $400k. your lateral out of your $300k mortgaged plywood box and lateral into a $400k plywood box that was previously worth $300k. retards like you think you're 'coming out ahead' after 10 years when you >>521217651 only gained $11k of principal after 10 years of $1.7k/mo mortgage payments.

>>521221876
HSA is my favorite neoliberalism cope
>we'll let you pay for your $100k hospital bill with UNTAXED DOLLARS
>you're saving so much money, goy!!!!
>aren't you GRATEFUL?

>>521215761 (OP)
Give people options let them choose to accept them or not.
It's all going to be a moot point within 5 years (and no I'm not talking "you will own nothing").

>>521215761 (OP)
why not just have 1000 year leases?
so now everyone can pay 100 a month and have a place to live?

>>521221993
to be fair, the only reason I don't "owe" every year after standard deduction is because of HSAs. The whole system is so giga cucked though. I hate doctors.

>>521221906
okay

lets say over the next 10 years socialism takes over. life as you knew it is gone. meat, toilet paper, or clean water, are luxuries for a few privileged. would you rather have paid down your mortgage or not?

>50 year mortgages suddenly available
>pic related
Boy I wonder what could go wrong

>>521215761 (OP)
You're assuming the interest would be the same. As a bank why would you not get a larger interest rate?

>>521222285
socialist and formerly communist countries have higher rates of home ownership than western countries.

>>521221906
>Inflates to $400k
I don't see this necessarily happening. If you couldn't afford a $1,500 mortgage you can't afford a $1,700 one. The buyer pool may grow a bit but not like everyone is making it out to be.

>>521221523
Look mate if you sign that's literally on you in every sense.

>>521222422

That doesn't fucking matter.

What good is home ownership in a shithole?

Also, of course they do. Because homes are not a naturally scarce good, it's governments making them scarce. So there's nothing to materially prevent communist countries from having homes. It's not like they are some high tech.

>>521222473
>I don't see this necessarily happening.
that is the definition of "the property ladder." retards buy a $300k house and then lateral into a $400k house a decade later and think they're coming out ahead. one comes out ahead to the extent of principal payments. if you make no (or minimal) interest payments over your 10 years in your starter home, you are lateraling into another inflated plywood box. if you make a lot of principal payments then your upside is the principal.

>>521222662
>what passes for spaniard "intelligence."

>>521222432
holy kek. 2008 soon brothers, assuming pic rel is real.

>>521222735

Holy fuck you're dumb.

Look, you don't need some high tech or abundance of anything to make homes. People in a country could live on bread, consider red meat to be a luxury just for christmas, have electricity for like one hour a day, because bureaucrats run the economy, and they could plausibly still have a home for everyone, if they don't artificially fuck it up, the way western governments require permits to make homes. Therefore, even though TO US a home is something valuable and hard to get for most, it's not a universal thing.

Do you not understand that? I have to admit I made this one too hard. I got carried away with my thoughts and forgot about how fucking dumb most people are. I hope this explanation is better.

>>521222993
are you really trying to argue that there exists any real-world scenario where the costs of a home are limited to raw materials, labor, and land? are you purposefully ignoring supply and demand? do you REALLY not understand that the existence of credit markets NECESSARILY inflates the costs of homes, and that expanding access to credit AMPLIFIES this?

>>521222816
It’s real, look into it yourself. Even if it wasn’t real, 50-year mortgages would be untenable anyway. The job market is bad and getting worse + AI replacement of workers is ramping up. Plenty of people will enter into an infinity mortgage only to lose their job within a few years of getting it. The 30-year mortgage was introduced when the average home was a little over double a yearly salary. It is now more than six times the average salary. This is just absolutely crazy, plain and simple.

>>521220914
corporations are people who would gladly take on a 1000 year loan

>>521215761 (OP)
It's exposing Usury.

>>521222680
I misunderstood, I thought you meant that a $300k house would now become $400k due to demand.

>>521222432
Who is this Fannie Mae, and can anyone link me to her OF?

>>521215761 (OP)
I got a 20 year mortgage and I would hate to be on the hook for an additional 10 years. I couldn't imagine 50 years, if you buy a house at 25 you'll be finished paying at 75? lmaooooo

>>521215761 (OP)
>has truly revealed the mentally retarded, cattle-like, monthly-payment-brained tendencies of a LOT of "people."
I haven't seen anyone in support of it, maybe everybody you associate with is retarded

>>521221993
kek the HSA psyop is real, people think they are going to be able to afford healthcare for life just because the gov lets them put in a few thousand dollars annually into a muh TRIPLE TAX ADVANTAGED account, meanwhile corporate overlords get millions of dollars in stock options in tax vehicles of their choosing, eg roth, deferred compensation, 401k with w/o after tax conversion to roth, equity etc...

the HSAs also come with mandatory High Deductible health insurance plans that fuck you up front if you have a health emergency

>>521223227

Supply and demand drives allocation of resources, but price should converge to raw materials, labor, and land, if it wasn't for bureaucracy (permit requirements).

Of course supply and demand are a thing, and determine prices. But, when something is very profitable, it creates an effect where more businesses producing it appear, which in itself drives supply up and correct the price (in the absence of bureaucracy).

The limit to the above is raw materials, labor and land. No businesses will consistently sell at a loss in the long term, so this is the limit to what I just explained.

>>521223227
>do you REALLY not understand that the existence of credit markets NECESSARILY inflates the costs of homes, and that expanding access to credit AMPLIFIES this?
with full empathy, most europeans have limited understanding of capital markets, let alone the intricacies of mortgage and debt amortization, valuation of real property over time etc... not their fault because they mostly live in socialist countries with tighter gov controls on economy than the united states, believe it or not, as shitty as the US mortgage market is, it's still better than most other countries

>>521230510
read my response dumbass

>>521230744
i agree with most of what you are saying but
>Because homes are not a naturally scarce good, it's governments making them scarce.
this is not true, i get it governments (especially in europe) are too involved but even if spain or the US had a 100% free market real estate economy, housing would still be scarce in highly desirable places like madrid, nyc, san francisco bay area etc... people want to live in nice areas with amenities where other rich people live, that means there will always be scarcity in those areas

LOCATION LOCATION LOCATION as the boomer real estates agents say

before you drop your empanada in anger, i agree with you that gov meddling makes it much worse

>>521231187
>before you drop your empanada in anger, i agree with you that gov meddling makes it much worse

I was unironically about to write a bunch of insults before I saw this.

Sure, you are right. However, in Spain at least, the housing problem is big. People are paying a huge chunk of their salary as rent. They don't care about location anymore, it's not about status, or about nice areas, we are beyond caring about that. They just want an apartment.

In that sense, the scarcity is 100% bureaucratic.

>>521231809
>People are paying a huge chunk of their salary as rent. They don't care about location anymore, it's not about status, or about nice areas, we are beyond caring about that. They just want an apartment.
the US is trending towards that in the big cities where most of the jobs are, unfortunately Spain has had major employment problems, especially for the youth for over 10 years now, i feel for you and idk if things will get better anywhere unless you are rich

the only solution is to sell your soul in some way and become rich, no matter where you go