Why do we need 30 year mortgages?
True.
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Wait..., what? No!!!
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There have been 30 year mortgages since at least the 1940's. And it hasn't changed. You get paid more money but everything is more expensive so nothing has changed. If your child starts his/her career earning more than you when you started, are they really better off than you were if they are saddled with a 30 year mortgage just like you were? I'm sorry..., is this starting to sound like a real debate ;) Side: True.
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Why do we need 30 year mortgages? If homes could be paid off in a shorter amount of time, maybe we wouldn't have a homeless problem. Hello joe: We don't "need" them.. We just "buy" them because we don't know any better.. But, you're not stuck with paying for 30 years.. By making ONE extra payment a year, you can shorten a 30 year mortgage to around 17 years, and save 100's of $1,000's in interest. It works because in the beginning, 99% of your payment goes toward interest.. But, if you make extra payments, those payments go directly toward reducing your principal. excon Side: Wait..., what? No!!!
So genius why not get a 15 year mortgage according to your Democrat math. Hello poochy boy: A 15 year mortgage has a higher payment.. With a 30 year mortgage you have the CHOICE of making a higher payment, but with a 15 year, you don't.. Now, fetch this stick. excon, mortgage genius Side: True.
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