5Oyr mortgage option for drivers?

Box Ox

Well-Known Member
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.
Yeah but your house was probably like 1/3 your income.
My first house was 18,000. I made $6.75 an hour. If you want to do the math knock yourself out.
What year? I just might. :)

OK. So $6.75 in 1972 would be worth $47.20 in 2022. $18,000 in 1972 would be worth $125,869.09 in 2022.

Sounds like you had a pretty sweet deal to me.
 

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 .
Housing is rolling over in residential. People trying to sell will be taking haircuts.
 
Was thinking this too but what if we’re talking San Diego or another overpriced area where nothing is under a half a million or so?
Screenshot_20220706-190451-908.png
 
Yeah, but the average lifespan of a mortgage is under 10 years. And a person who might be interested in a 50 year mortgage is likely just looking for a way to be able to afford a place to live today. That it's far more expensive over decades doesn't matter so much to them right now.
People need to find a way to live within their means

Just like getting the seven or eight year car loan
 

Brownslave688

You want a toe? I can get you a toe.
Yep. A mortgage originator is typically gonna want to verify an income history of decent length either way.
500 credit score gets you a fha loan now.

Grocery store clerks can get vacation rental home loans based on expects rental income with no money down.

Just another bubble that’ll go pop eventually
 

clean hairy

Well-Known Member
I've always lived within my means. Something that hasn't been practiced for a long time by the last few generations.
Due to so many of the younger generation wanting what the parents have worked years for, but they want the same things at the age of 25, and go into massive debt.
 

rod

Retired 21 years
Due to so many of the younger generation wanting what the parents have worked years for, but they want the same things at the age of 25, and go into massive debt.
That and wasting lots of money running up student debt on stuff they will never work in or fields that don't pay well to begin with. .
 
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