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Forum » Why do people get 30 year mortgage loans?
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Thread: Why do people get 30 year mortgage loans?

post 1626859333 12-28-2020, 07:11 PM
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#61
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Originally Posted By ApeXXXPredator⏩
LOL @ people who buy a house thinking they might one day make money off of it.
Are you stupid? I bought my first house and will get $90k+ when I sell it. Again, not that rare to have that happen depending on market.
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post 1626860673 12-28-2020, 07:25 PM
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#62
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Originally Posted By 5x10⏩
House I paid off, should I get a home equity up to 80% Ltv and invest it?
I can pull out 400k+
No you missed the boat with that money already. I’d keep in it real estate, probably rent it, and buy another house and leverage somewhere I plan to retire. It’s harder to get a loan on land, lots of different rules.
post 1626861333 12-28-2020, 07:32 PM
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#63
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The length of the loan is irrelevant..most people dont put the money aside bc most cant easily afford a 15yr mortgage.


But the typical reasons:

Lower payment, even if you can afford the 15yr payment, unless you have very high rates, its stupid to pay more on your mortgage vs the avg market returns.

Lower payments again...by having lower payments, it allows you to have more liquid capital. A 15 yr rate is considerably more $$ and if something goes wrong with your finances, it will be easier to cover the 30yr note vs the 15yr.

You can also get 1 30yr note and pay it off in 15 if you want, it will be a bit higher overall still but again, can be considered insurance in the even something happens and money becomes tight within that time period.
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post 1626861893 12-28-2020, 07:40 PM
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#64
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Originally Posted By Plateauplower⏩
No you missed the boat with that money already. I’d keep in it real estate, probably rent it, and buy another house and leverage somewhere I plan to retire. It’s harder to get a loan on land, lots of different rules.
only paid off for 1.5 years so I’m looking at 35-40k, invested multiple times that this year alone
I am looking at land though

Can’t rent my house out, my family lives here (5 of us), plus , I prefer lower cost rentals that rent to blue collar
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post 1626861973 12-28-2020, 07:41 PM
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#65
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You never attempt to pay a home loan off quicker. That's a scam the bank perpetuates because the most leverage you have over a bank is when you first get a loan.


There's been breakdowns where people take the extra money you save by not getting a 15 year loan and they put that money into investment funds and come out like 400k ahead of trying to pay the loan off quicker.
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post 1626862003 12-28-2020, 07:42 PM
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I've been in my house just under 2 years. I just refinanced and went from 4.1 to 2.25. If I were to make the same payments I've been making I would pay off the mortgage in 22 years. My property taxes are 13k. That stings!
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post 1626862073 12-28-2020, 07:43 PM
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#67
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Why do people get 30 year mortgage loans when the life expectancy of healthy people in the Western World is 30? Like, who the hell gets a 30 year mortgage loan straight outta their momma's womb?! Clown world! (It's worse in the Middle East and Asia, where the life expectancy is 25! 25!)
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post 1626863053 12-28-2020, 07:55 PM
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#68
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no reason to pay for your house, just keep complaining until they give out free houses like free degrees
post 1626863153 12-28-2020, 07:56 PM
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#69
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Originally Posted By swoleyo⏩
You never attempt to pay a home loan off quicker. That's a scam the bank perpetuates because the most leverage you have over a bank is when you first get a loan.


There's been breakdowns where people take the extra money you save by not getting a 15 year loan and they put that money into investment funds and come out like 400k ahead of trying to pay the loan off quicker.
There's more to decisions like this than straight numbers. There's also risk for appetite, age, time until retirement, etc.

I personally pay my house down because I'm already investing 25% of my income every month and just can't stomach the risk of putting in more. I'm also in a high-risk field, and could lose my job at any second. If I lost my job and the market tanked 20%, I'd be pretty fuarked in life.
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