Not sure of pro/cons. With rates high and homes out of reach. Will 40 or 50 yr mortgages be offered to kick monetary policy down the road? Even with prices currently falling?
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.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.
This is a terrible idea. Please do not do this. Go look at the interest you will be paying over the life of that mortgage. You will pay at least the cost of the house in interest alone.Not sure of pro/cons. With rates high and homes out of reach. Will 40 or 50 yr mortgages be offered to kick monetary policy down the road? Even with prices currently falling?