5Oyr mortgage option for drivers?

rod

Retired 21 years
I had a mortgage once (1972-1976)----for about 5 years. There was also a time when I had a car payment (about 1966)--for about 6 months. Never again.
 

scratch

Least Best Moderator
Staff member
When I built my first house in 1984, the mortgage rates were 13-14%. That house cost $75K to build and is now worth $250K. The one I'm in now cost $326K to build two years ago and today it's worth $450K. I did take out a loan for half the cost and I locked in at 2.99%. My principal is $397 a month and I pay an extra $500 a month so I will pay it off in less than half the time. Home prices are simply too high, hopefully, since lumber is dropping in price maybe that will help.
 

Thebrownblob

Well-Known Member
When I built my first house in 1984, the mortgage rates were 13-14%. That house cost $75K to build and is now worth $250K. The one I'm in now cost $326K to build two years ago and today it's worth $450K. I did take out a loan for half the cost and I locked in at 2.99%. My principal is $397 a month and I pay an extra $500 a month so I will pay it off in less than half the time. Home prices are simply too high, hopefully, since lumber is dropping in price maybe that will help.
Yep we’ve been living through a period of time when money was so cheap and yet a lot of complainers did not capitalize. Weird I’m not even that old and I got in on that deal. Lock my home mortgage in at 2.75 for 15 years. And I’m taking less than half of the time it’s pay it off.
 

Cowboy Mac

Well-Known Member

Over70irregs

Well-Known Member
I hope it’s not the case but we will see. Unfortunately the market seems like a farce without cheap $. There is no liquidity without RE appreciation. No manufacturing. Low pay service jobs that cannot….. keep up.
 

Over70irregs

Well-Known Member
Real estate as a speculative asset and wealth building tool has completely screwed entire generations out of home ownership. I hope I live to see the day that RE is demonetized. Everyone deserves better. Everyone deserves sovereignty .
 
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