BREAKING: President Trump To Roll Out "50-Year" Mortgages! | WLT Report
I told you this was coming, but I figured they'd go to 40-year mortgages. I guess I was half-right, with President Trump announcing today that he wants to blow right past a 40-year mortgage and introduce a 50-year mortgage to get monthly payments down for ...
pass on 50 yr. terrible idea. i would start with not paying over appraise values on purchase transactions. there are parts in the US where people actually put in contract that will pay $xxx over appraised value or agreed purchase price if there are competitive offers. i would also not allow corporations to buy real estate as purely investments, flip properties.
How long would you like to be a debt slave?
I wonder if this is 5D chess, to help people get a home, then they can easily pay off the loan as the dollar collapses with hyper inflation.
Gotta be something like that. Any 50-year debt of any kind is an insult to the soul.
It will behave like controlled rent. No increases from where ever they begin. Anyone who wants or can pay off their mortgage early, can. By going with a no-prepayment penalty loan.
Even so, I'm hoping it's some sort of "bridge the gap" strategy before a new economic system. A 50-year debt isn't attractive.
Make property taxes go away and the payments will be a lot less. It is more than a third of my mortgage payment.
So you get a couple of hundred bucks reduction on a $300k loan. Just try as you can and pay it off early. Plus who will live in a home for 50 years? Heck, when you creep into old age you will still be trying to pay off a house loan. Will social security even be enough to pay the mortgage?
This is one thing President Trump has put forward that I'm not interested in. Unless someone can change my mind.
I agree with you. Seems like the same thing as how long car loans can get now. If you have to have a term that long, you shouldn’t be buying. It’s an upgrade for the cabal that wants everyone up to their eyeballs in debt. Basically slavery, like the Bible says. But like you said, unless someone can change my mind.
Maybe when GenZ and Mils, when they get married, should save their money for a down payment instead of blowing money on extravagant destination weddings that put them and half their friends in deeper debt.
Jeez, have you seen the wedding showers, baby showers, baby’s first birthday parties lately?
Friend’s daughter just had ‘baby’s first (themed) b-day’ party. Catered, balloon arch, back yard balloons, bounce house, soft play area, napkins, plates, themed b-day signs, professional photos, two themed cakes, one for guests and the other for baby, matching outfits, matching decorations up the wazoo, rented tables and chairs, 50 people and tons of expensive presents.
Back in my day, it was mom, dad, gramma and maybe an aunt….a high chair, a little piece of cake and one grainy photo.
That’s crazy.
👆👆👆👆👆 This.
Making more slaves.
Fucking fake and gay idea right there. Rich gonna mainly look after the rich it looks like to me, with policy ideas like these. Fuck 50 year debt, fuck munny for muhh doctazz, fuck a big ballroom, REFUND MY FUCKING TAX MONEY NOW FOR THIS SCAM CALLED THE FEDERAL GOVERNMENT. Boss need to switch some things up here lately, this shit is gay. Popcorn stale as fack right now. Don't forget you guys you have to have insurance when you're paying a mortgage too so they win too. Fookin gay arse shite up a cat's tail. Don't forget more interest money for the rich fockers.
As a a homeowner with no mortgage, I cant imagine a 50yr loan.
For someone endlessly renting with no chance to own, this might not be a bad idea especially if past rental history can go towards getting the mortgage loan approved.
You are basically forever paying rent. 50 years plus property tax? I’d rather live in an rv and save up for property.
50 year mortgages really don't even drop a payment that far. Plus, if you look at loan amortization curves, the owner will have added very little equity if they sell in 15 years.
Those 50 year mortgages are an awful plan.
We need more deportations, fewer code laws in residential homes, and a better job market.
Not a fan AT ALL….lets get out of debt not strangle ourselves with longer/more debt!!
This is nothing to be proud of.
Trump knows how to play this game, he's not stupid in terms of economic strategy.
What happens to these 50 year loans when the real estate market goes tits up and that $600,000 mortgage is only worth $300,000?
Here's a little known secret, a strategy for paying off a mortgage early, one I have personally used. Make sure there is no penalty for early payoff, first. Then insist on the lender printing an amortization schedule for you. Now, look at the amortization schedule, it should look something like this:
https://files.catbox.moe/d7n177.jpg
Notice in the beginning years, the interest is MUCH more than the principal, which actually pays off the house.
Each month, write a check for the total payment due now. Using the above image, that would be 1342.05. Then, when there is a bit of extra money (bonus, etc) write another check, on this one write Principal payment #2, 3, and 4, or however much extra money you can spare. Use the Principal column of the above image, that would be 908.70. You are only paying the Principal for this payment. Now mark of payment #1, 2, 3, and 4. You have paid those in full, so mark off those lines
Now you have to ignore the payment dates, and only keep up with which payment you are on. Continue to pay every month, on the due date. Your next monthly payment due is now total payment #5. That month, write a check for the total payment due for payment #5, 1342.05. Maybe this month you can only afford a small bit extra, so write another check for Principal payment # 6, so this check would be for 306.70.
This is easier in the early years of the mortgage. There were some months that with my bonus, I could pay 5 principal payments at once. Later in the mortgage, the principal keeps increasing, making extra payments more difficult.
Always write 2 checks/ or make 2 transfers, so you can clearly note on each one whether it was a regular monthly payment, or a principal payment. Also, try to use only the numbers on the Amortization Schedule, otherwise it gets difficult to know how much principal is still owed. I used this to pay off a 15 year 2nd mortgage in 10 years. IF YOU DON'T MARK THE PAYMENTS, THEY WILL APPLY ANY EXTRA TO THE INTEREST, NOT THE PRINCIPAL. Ask me how I know....
In the early years it's loads of fun to watch the principle plummet on the amortization schedule -- early on, small extra payments pull months off of the schedule, and a big, one-time extra payment might peel off more than a year.
This is probably meant for the endless renters. Young people just trying to get their start. And people who for whatever reason have difficulty entering the home market. Which may be as simple as their current job wouldn’t pay enough to make a home a possibility on shorter mortgages.
There’s also nothing saying you couldn’t pay it down sooner. An extra few hundred bucks here. Maybe a grand from the company bonus there. It’s quite feasible a 50 year mortgage could be paid off in a fraction of the time. While still keeping the minimum legally obligated payment low enough to be affordable. For the times you can’t afford to pay extra.
So you aren’t totally fucked mortgage wise if an unexpected cost or repair comes up. As contractually your obligated to pay X minimum payment for that timeframe. Though just because you’ve been paying over the minimum previously. Doesn’t give them license to take your house because you had an unexpected huge bill and can’t afford what you paid previously. As you technically only have to pay the minimum stipulated in the agreement.
Which given the timeframe. Would likely be a fraction of what it would be in a shorter agreement. It’s far from ideal. But it makes the dream of owning a home a far bigger possibility for most.
Though this also could be the elaborate lead up to the surprise that they’ve cracked a code and humans can now live for 500 years. Which makes a 50 year mortgage substantially less ridiculous sounding.
50 yr mortgages on homes that do not have inflated prices and end property taxes. Change the frickin' world! Holy shit. Just imagine!
This is obviously comms because 50 years is a really long time. Practically a lifetime. It makes no sense literally when we all want the opposite. No debt slavery. So what could be the true meaning. Something time related? Both Roosevelt and Trump are "war time" presidents, and we just messed with the clocks last week, so maybe that's a clue A quick search turns up this.
https://en.wikipedia.org/wiki/Daylight_saving_time_in_the_United_States
That's got a 30, which matches Roosevelt Mortgage, and we're in month 11 which is when the extra daylight of year round war time would start to take effect. I remember we had 2 years of this under Carter but if it was "war time" they kept that secret.
It was probably called "Energy savings" to celebrate the START of the Q classification and the creation of the DOE. That all happened about 50 years ago. Trumps Mortgage number. And note the 17.
Whatcha think?
Interest is usury.
OK Handshake.