Below is a kitchen in a home for sale right now.
Why? Because this home was built in 1975.
AKA 50 years ago…..
I have heard more this week about 50 year mortgages than any other topic.
Here are my questions – Will the home still be standing in 50 years? Will the home owner have more upkeep expensives on the home if you stay for 50 years? Will you live long enough to ever pay off the mortgage?
I think that a 50 year mortgage is great for the Banks, but will not solve the housing crisis.
On an average home, it will take 14 years to pay off the first $100,000 of principle on a 30 year loan. But will take 31 years to pay off the same amount on a 50 year loan.
The math is clear: you might pay a little less per month, but you won’t make a serious dent in your debt for years.
I personally have a 30 year mortgage and have 25 years left. If I do not pay ahead, I doubt I will ever pay it off… But that is goal. Once I have that mortgage paid off, you will stop getting emails from me.
As much as I hate the 50 year mortgage, I hate the 15 year car loan 5 times more. When was the last time you had a car last 15 years????
If you had a vehicle for 15 years, send me a picture…
Call me to discuss these topics or any real estate problems
Jay with #JaySellsMiddleTN – 615-945-6611
