I dunno. I've usually been offered the 15 or 30, and never asked if there were other options. I forget what I chose, lol.I had a 20yr mortgage for a while. Not sure if that was an uncommon but still standard duration, or something the lender calculated when I said I wanted something between 15 and 30.
How many houses are still standing after 50 years i wonder.Thr Europeans are all coming in to laugh at you.
Can't you already get any term you like? You may have to shop around, but I think you can work with a lender to get (say) an 11 year mortgage? You'll have a hard time comparing numbers with other lenders, but I think they have models that work for any duration.
Even then it's best not to think of all the money you waste on interest.No, WTF. It's best for that to be the #1 thing you think about financially.
So some quick facts.
The average age of a first time home buyer in the United States is 42.
With a 50 year mortgage the ending date of that mortgage would be when they are 92 years old.
The average life expectancy is 76 (M) and 82 (F) meaning that most of these buyers will die between 10 and 12 years before they pay it off.
How many houses are still standing after 50 years i wonder.
And it goes back to the banks.Its a feature not a bug
Nobody would own their home in retirement lol. There would be no retirement. Everyone would just work until they die and then the bank would take all your wealth leaving your children to relive the cycle.Once again, its a feature not a bug
Which is of course what Republicans want.
So some quick facts.But wouldn't the whole point of this be to make home buying more accessible to younger people
The average age of a first time home buyer in the United States is 42.
But wouldn't the whole point of this be to make him buying more accessible to younger peopleNo. That might be an incidental effect, but the point is to put more money in the pockets of banks and real estate investors.
But wouldn't the whole point of this be to make home buying more accessible to younger peopleThey'd be doing much more harm than any good in the long term.