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50 year mortgages
#8529773
02/12/22 04:00 PM
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Joined: Jan 2010
Posts: 22,997
fadetoblack64
OP
giddyup
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OP
giddyup
Joined: Jan 2010
Posts: 22,997 |
is that going to be the new norm to allow for more to become buyers?
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529779
02/12/22 04:08 PM
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Joined: Aug 2009
Posts: 22,716
BigPig
THF Celebrity
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THF Celebrity
Joined: Aug 2009
Posts: 22,716 |
is that going to be the new norm to allow for more to become buyers?
It’s the norm in some states, I don’t remember why Texas doesn’t do them. But it’s just as stupid as vehicle loans that are over 60 months.
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Re: 50 year mortgages
[Re: BigPig]
#8529784
02/12/22 04:11 PM
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Joined: Jan 2010
Posts: 22,997
fadetoblack64
OP
giddyup
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OP
giddyup
Joined: Jan 2010
Posts: 22,997 |
be great for realtors ..........buyers would increase and home prices would rise 25% overnight
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Re: 50 year mortgages
[Re: BigPig]
#8529785
02/12/22 04:12 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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Joined: Nov 2009
Posts: 91,416 |
is that going to be the new norm to allow for more to become buyers?
It’s the norm in some states, I don’t remember why Texas doesn’t do them. But it’s just as stupid as vehicle loans that are over 60 months. If he is lying he's dying. I never lie except for good lies, such as does this dress make me look fat?
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529789
02/12/22 04:15 PM
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Joined: Jun 2015
Posts: 5,174
scottfromdallas
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jun 2015
Posts: 5,174 |
A 50 year mortgage is just a way around an interest only mortgage. Complete joke.
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529794
02/12/22 04:18 PM
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Joined: Dec 2012
Posts: 11,904
Simple Searcher
THF Celebrity
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Joined: Dec 2012
Posts: 11,904 |
50 years! I remember when car loans were four years max. Now five to six are the normal.
"Man is still a hunter, still a simple searcher after meat..." Robert C. Ruark
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Re: 50 year mortgages
[Re: Simple Searcher]
#8529799
02/12/22 04:22 PM
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Joined: Jan 2010
Posts: 22,997
fadetoblack64
OP
giddyup
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OP
giddyup
Joined: Jan 2010
Posts: 22,997 |
cars used to only last 4 years........cars last 10 years now.
bring on the 10 year note .........got to keep this paper economy going a few more years
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529802
02/12/22 04:24 PM
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Joined: Mar 2013
Posts: 5,039
jetdad
THF Trophy Hunter
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THF Trophy Hunter
Joined: Mar 2013
Posts: 5,039 |
Been doing it in California for many years.
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Re: 50 year mortgages
[Re: jetdad]
#8529806
02/12/22 04:28 PM
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Joined: Oct 2008
Posts: 16,771
68rustbucket
THF Celebrity
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Posts: 16,771 |
Been doing it in California for many years. So that’s how they can afford the overpriced real estate, I didn’t know that.
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529825
02/12/22 04:54 PM
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Joined: Nov 2010
Posts: 5,275
jeepercreeper
THF Trophy Hunter
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Joined: Nov 2010
Posts: 5,275 |
Wow, I had no idea the 50yr existed. I cringed when we bought with a 30yr so we refinanced at 1.99% for a 15yr last year. Cant even imagine a 50yr mortgage.
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529857
02/12/22 05:56 PM
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Joined: Feb 2010
Posts: 7,250
jhenderson
THF Trophy Hunter
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Posts: 7,250 |
Couldn’t imagine paying my entire adulthood on a house. Plus it’s not as normal now for you to buy one home and live there forever.
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Re: 50 year mortgages
[Re: jhenderson]
#8529860
02/12/22 05:57 PM
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Joined: Jan 2010
Posts: 22,997
fadetoblack64
OP
giddyup
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OP
giddyup
Joined: Jan 2010
Posts: 22,997 |
Iwill take 100 yearmortgages if they had them
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Re: 50 year mortgages
[Re: 68rustbucket]
#8529870
02/12/22 06:13 PM
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Joined: Feb 2008
Posts: 1,813
Texican
Pro Tracker
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Pro Tracker
Joined: Feb 2008
Posts: 1,813 |
Been doing it in California for many years. So that’s how they can afford the overpriced real estate, I didn’t know that. Nor did I. But it makes sense now...
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529876
02/12/22 06:38 PM
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Joined: Oct 2017
Posts: 5,950
angus1956
THF Trophy Hunter
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Joined: Oct 2017
Posts: 5,950 |
Walked into Bass Pro years ago and one boat was sitting at the entrance monthly payment was $144.00. Wife and I began to read the details of the boat. It was $144.00 per month for 144 MONTHS. we just laughted and walked away.
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Re: 50 year mortgages
[Re: angus1956]
#8529897
02/12/22 07:35 PM
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Joined: Oct 2006
Posts: 18,554
ducknbass
THF Celebrity
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THF Celebrity
Joined: Oct 2006
Posts: 18,554 |
Walked into Bass Pro years ago and one boat was sitting at the entrance monthly payment was $144.00. Wife and I began to read the details of the boat. It was $144.00 per month for 144 MONTHS. we just laughted and walked away. If you were able to walk away the boat did not have enough sparkle.
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529901
02/12/22 07:48 PM
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Joined: Jan 2007
Posts: 15,489
reeltexan
THF Celebrity
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THF Celebrity
Joined: Jan 2007
Posts: 15,489 |
At this point, it’s all Monopoly money anyway.
"Give me an Army of West Point graduates and I'll win a battle... Give me a handful of Texas Aggies and I'll win a war." - General Patton
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529907
02/12/22 08:02 PM
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Joined: Jan 2010
Posts: 4,006
Stevarino
Extreme Tracker
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Extreme Tracker
Joined: Jan 2010
Posts: 4,006 |
You’re only worth the amount of debt you owe to the big boys..
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Re: 50 year mortgages
[Re: Stevarino]
#8529924
02/12/22 08:46 PM
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Joined: Jan 2010
Posts: 22,997
fadetoblack64
OP
giddyup
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OP
giddyup
Joined: Jan 2010
Posts: 22,997 |
You’re only worth the amount of debt you owe to the big boys.. yep........i owe more than i ever have. and have more running gun money in my pocket than i ever have. it may blow up monday and really wont effect me. giddyup
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Re: 50 year mortgages
[Re: fadetoblack64]
#8529955
02/12/22 09:21 PM
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Joined: Nov 2010
Posts: 3,227
Marc K
Veteran Tracker
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Veteran Tracker
Joined: Nov 2010
Posts: 3,227 |
I'm strictly 15 year guy, but this thread made me look online and I found this:
"The longest mortgage term available in the United States is 50 years. Like the 15- and 30-year counterparts, 40- and 50-year mortgages are available as both fixed and adjustable rate loans. While 50-year mortgages might seem high here in the United States, other countries have mortgage terms that are twice as long. In 2002, Japan introduced the 100-year mortgage. The United Kingdom followed suit in 2006."
I had no idea that such long mortgages existed but in some situations I could see it working if your timing is good. The three homes that we owned in California all doubled or tripled in the 6-9 years that we owned and lived in them (sequentially). It was important to always be in a home, almost regardless of the cost - just to reap that benefit.
A Democracy is when two wolves and a lamb vote on the dinner menu. That is why this country was specifically not designed as a Democracy. We are a Constitutional Republic.
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Re: 50 year mortgages
[Re: fadetoblack64]
#8530287
02/13/22 01:36 PM
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Joined: Apr 2009
Posts: 10,115
texasag93
THF Celebrity
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Joined: Apr 2009
Posts: 10,115 |
Mortgage: The word comes from Old French morgage, literally “dead pledge,” from mort (dead) and gage (pledge). According to the online etymology dictionary, it is so called because the deal dies when the debt is paid or when payment fails. The Institutes of the Lawes of England are a series of legal treatises written by Sir Edward Coke. They were first published, in stages, between 1628 and 1644. This is what Coke wrote about a mortgage in 1664: “And it seemeth, that the cause why it is called mortgage is, for that it is doubtful whether the feoffor will pay at the day limited such sum or not: and if he doth not pay, then the land which is put in pledge upon condition for the payment of the money, is taken from him for ever, and so dead to him upon condition. And if he doth pay the money, then the pledge is dead as to the tenant.” Link
Last edited by texasag93; 02/13/22 01:37 PM.
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Re: 50 year mortgages
[Re: fadetoblack64]
#8530319
02/13/22 01:59 PM
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Joined: Nov 2017
Posts: 19,269
Biscuit
THF Celebrity
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THF Celebrity
Joined: Nov 2017
Posts: 19,269 |
Nothing surprises me anymore
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